$175 million loan secured to finance 12-story mixed-use development in Woodside

SOLA Woodside. Rendering via M.N.S. Real Estate

July 16, 2024 By Ethan Marshall

Eight West, an affiliate of the real estate firm The Hakimian Organization, announced that a $175 million construction take-out loan has been secured to finance SOLA, its newest mixed-use development located in Woodside. SOLA is scheduled to hold its grand opening on Monday, July 22.

The loan was provided by the asset management and investment advisory firms Apollo Global Management and Lionheart Strategic Management.

Located at 72-01 Queens Blvd., SOLA is 12 stories tall and has 364 units, with 30% dedicated for workforce and affordable housing. The housing units range from studios that may be as small as 350 square feet to three bedrooms as big as 1,200 square feet. Pricing for prospective renters will cost between $3,050 and just over $5,000 a month.

Amenities within the units include two-tone custom cabinets with Silver Oak and Fume palettes, white quartz countertops, stainless steel appliances, dishwashers, washers and dryers, electric ranges, microwaves, refrigerators, bathroom wood vanities, floor-to-ceiling windows, and keyless entry. Certain units will also have private terraces.

Those who end up residing at SOLA will also have access to 28,000 square feet of indoor and outdoor amenity space. Indoor amenities include a music room, an art room, a kids’ room, a fitness center with a yoga studio and boxing ring, a lounge, co-working spaces and a screening room. Outdoor amenities include a dog park, a pet spa, a playground, outdoor recreational space and a Zen garden. Other amenities include bike storage, a golf simulator, an accessible rooftop and 196 parking spaces.

The financing process for this loan was handled by the commercial real estate advisor Newmark on behalf of Eight West. This team consisted of Jordan Roeschlaub, Nick Scribani, Peter Griesinger and Max Ralby.

The Williamsburg-based real estate brokerage M.N.S. Real Estate had recently launched leasing last month for SOLA.

“We are thrilled to partner with M.N.S. for our inaugural development, SOLA,” Eight West Executive Director of Acquisition and Finance Rex Hakimian said. “There is no one better to handle the leasing and marketing for this project, given M.N.S.’s extensive experience and innovative approach. Their expertise is invaluable to ensure a successful leasing launch at SOLA.”

While SOLA marks the first development from Eight West, they currently have more future projects on the pipeline. These developments are intended to feature alternative strategies the partners are taking in service, quality finishes, design, amenities and transit-oriented locations.

The Hakimian Organization, for which Eight West is an affiliate, is a New York-based real estate developer, owner and manager. Partners Rex, Shawn and Jay Hakimian and Kevin Gorjian lead this operation.