Bronx Hutchinson Metro Center ProjectLoan Amount: $80,000,000
The NYCRC provided 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 is bringing much needed Class A office and medical space as well as extended stay hospitality to the Bronx. The loan assisted with the construction of an approximately 318,000 square foot office, retail, and hotel complex. The new complex features two floors of medical office and retail space and a seven-story extended stay Marriott hotel, one of the first extended stay hotels built in the Bronx in over a decade. 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.