PRESS RELEASES - NYCRC FINANCING Print
NYCRC TO PROVIDE FUNDING FOR THE HUTCHINSON METRO CENTER REDEVELOPMENT
NEW YORK, NY – July 15, 2012 – The New York City Regional Center (“NYCRC”) is pleased to announce that it will provide an $80 million loan to an affiliate of Simone Development Companies to assist with the second phase of development at the Hutchinson Metro Center, a 42-acre parcel in the Bronx that is undergoing a multi-year conversion from low-use industrial space to market rate commercial and office space.
The conversion at Hutchinson Metro Center is bringing much needed Class A office and medical space as well as extended stay hospitality to the Bronx, the county with the highest unemployment rate of New York State’s 62 counties. The Bronx is also the poorest county in New York State and the poorest urban county in the United States.
The loan from NYCRC will assist with the construction of an approximately 318,000 square foot office, retail, and hotel complex. The new complex will feature two floors of medical office and retail space and a rendering of medical office/hotel/retail facility seven-story extended stay Marriott hotel, one of the first extended stay hotels built in the Bronx in over a decade. The development will also include the construction of both parking and storage facilities. The NYCRC financing is helping meet three ongoing demands in the Bronx: the need for additional Class A office space; the need for additional health care office space to support the demand of surrounding hospitals; and the need for new hospitality options.
“The NYCRC is proud to provide funding to assist with the construction of this important development initiative in the Bronx” said Paul Levinsohn, Managing Principal of the NYCRC.
“The NYCRC looks forward to providing capital for many future projects in the Bronx, a borough in need of continued investment,” added George L. Olsen, Managing Principal of the NYCRC.
The NYCRC was approved by the United States Citizenship and Immigration Services (USCIS) in 2008 to secure foreign investment for real estate projects within Brooklyn, Queens, Manhattan, and the Bronx. NYCRC is the first regional center approved in New York City. The NYCRC works in conjunction with the government and designated developers to fund critical economic development projects in New York City.
NYCRC has become an important contributor to New York City’s economic revitalization by helping to fund a series of public/private real estate projects that create much needed jobs. NYCRC projects include EB-5 funding to assist with the redevelopment of the Brooklyn Navy Yard, New York City’s largest industrial park, as well as funding to assist with the expansion of Steiner Studios, the city’s largest film and television production facility. The NYCRC has also provided capital for key components of the Atlantic Yards project as well as the redevelopment of Downtown Brooklyn’s central business district. NYCRC funding is being used to assist with the redevelopment of the George Washington Bridge Bus Station and the continuing efforts to revitalize New York City’s East River waterfront.
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