Eight West Lands $175M for Luxury Queens Development
Newmark arranged the construction loan.
Eight West, an affiliate of The Hakimian Organization, has secured a $175 million construction loan for SOLA, a 364-unit luxury development in New York City’s Queens borough. Apollo and Lionheart Strategic Management provided the financing in a deal arranged by Newmark.
The Hakimian Organization previously obtained a $156 million construction loan for this residential project in 2021. A partnership of Canyon Partners Real Estate and Pacific Western Bank provided the note to the firm’s affiliate HG Capital.
The developer broke ground in late 2022. With 30 percent of the units designated for workforce and affordable housing, SOLA will officially open its doors next week.
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Designed by Aufgang Architects, the 12-story tower incorporates studio, one-, two- and three-bedroom floorplans ranging between 350 and 1,200 square feet. Units feature washers and dryers, stainless steel appliances, floor-to-ceiling windows, keyless entry and private terraces.
Common-area amenities include a fitness center, co-working spaces, a rooftop, an art studio, a lounge, a screening room, a playground, a pet spa and a dog park. In addition, the property has an outdoor recreational space, a zen garden, bike storage and 196 parking spaces.
Newmark Co-President Jordan Roeschlaub, Vice Chair Nick Scribani, Senior Managing Directors Peter Griesinger and Max Ralby secured the financing for Eight West.
Financing Queens’ developments
Located at 72-01 Queens Blvd. in the Woodside neighborhood, SOLA is a few blocks away from several MTA subway stations. The community is also near Interstate 278, which provides easy access across New York City’s metropolitan area.
In March, Slate Property Group and Grobman Gross Properties received a $97 million loan for the refinancing of a 166-unit mixed-use community in Queens. Apollo Global Real Estate Management LP provided the 5-year, fixed-rate note in a transaction also brokered by Newmark. That property was designed by Aufgang Architects as well.
