A partnership of Quadrum Global and Simon Baron Development has secured a $150-million loan that will facilitate the construction of a luxury residential tower at 29-26 Northern Boulevard in Long Island City, Queens.

AIG is providing the financing for the project, which has already commenced construction and is expected to open in early 2018. The 42-story tower will feature 467 apartments and extensive state-of-the-art amenity space, including an indoor swimming pool and fitness center.

Ayush Kapahi of HKS Capital Partners sourced the financing on behalf of Quadrum and Simon Baron.

“Long Island City has quickly become one of the most desirable places to live in the New York Metro Area,” said Oleg Pavlov, Quadrum’s founder and chief executive officer. “Our partnership with Simon Baron has brought to market some of the most successful residential and hotel developments in New York City, and this financing will allow us to deliver another outstanding project.”

Matthew Baron, president of Simon Baron Development, added: “With our partner Quadrum Global, we are building a premier building in one of the great emerging neighborhoods in New York City. We’re excited to be a large part of the growth here in LIC.”

The project is the latest joint venture for Quadrum and Simon Baron, which has partnered to develop a number of residential buildings and a hotel, including The Chamberlain, 393 West End Avenue, and Arlo NoMad in Manhattan, and 45-40 Vernon Boulevard in Queens.