Tuesday, December 2nd, 2025

Apollo Supplies $48M in Gap Financing on Queens Resi Tower

By Andrew Coen July 10, 2024 4:42 pm

A rendering of The Sola at 72-01 Queens Boulevard in Woodside, Queens, bdg1oak.com

An entity connected to the The Hakimian Organization has nabbed $47.7 million of gap mortgage financing for a newly completed residential tower in Woodside, Queens, property records show.

Apollo subsidiary Athene Holdings provided the loan on the developer’s 364-unit SOLA project on 72-01 Queens Boulevard that opened in June. Rex Hakimian, executive director at The Hakimian Organization, signed the loan documents on behalf of QB Properties LLC.

The Hakimian Organization landed a $156 million construction loan from Canyon Partners Real Estate and Pacific Western Bank in July 2021 for the 12-story building, Multi-Housing News reported at the time. In addition to apartments, the development also includes ground-floor retail space.

SOLA consists of studio to three-bedroom apartments with 30 percent of the units designated as affordable housing. Property amenities include a fitness center, coworking spaces, an art room and a dog park.

Officials at Apollo and The Hakimian Organization did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com

Keywords:
72-01 Queens Boulevard, Apollo, Athene Holdings, The Hakimian Organization