Hi Pati the reaction is according to your description carried out under inert conditions at 170 degC for 12 minutes.
The nanomagnets are consisting out of iron in two oxidation states so the benzyl alcohol will do both react to be oxidized and also be the high boiling solvent which is needed.
Under normal conditions you may not be able to control the oxidation state an end with a mixture of different iron oxides instead of nanoparticles.
I performed this under normal sol-gel conditions (top middle and bottom gel ) and did not get any good reproducible results.
Best of luck with your research