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Simone Places $90M First Mortgage on Hutchinson Metro Center

BRONX, NY-The transaction is the largest single permanent loan ever made for an office in this borough. Simone Development owns an additional 24.5 acres on site that create an as-of-right opportunity for an additional 640,000 sf of office space.

By Barbara Jarvie | Updated on June 30, 2005

BRONX, NY-Simone Development Cos. has placed a $90-million permanent first mortgage on its 460,000-sf Hutchinson Metro Center here. According to Simone president Joseph Simone, the 10-year loan is the largest single permanent loan for an office building in the history of the borough.

The loan marks the completion of the first phase of the complex, which is approximately 90% leased. The first phase is expected to generate between 2,500 and 3,000 new jobs and create approximately 500 construction jobs.

“The Bronx is enjoying a renaissance in economic development,” Simone says. “In the months ahead we will be announcing plans for the next phase of development of the Hutchinson Metro Center.” The company purchased an additional 24.5 acres on site, creating an as-of-right opportunity for an additional 640,000 sf of office space. The building’s tenant roster includes Mercy College, Visiting Nurse Service of New York, New York City Housing Authority, the Internal Revenue Service and University Diagnostic Medical Imaging. Amenities including a cafeteria, a fitness center, a teleconferencing center, attended gatehouse with 24/7 security, parking, shuttle service to subway and train stations and convenience retail shops. Cushman & Wakefield is the exclusive leasing agent.

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