Citi, Simone Development Provide New Markets Tax Credit Financing for the Construction and Development of Metro Center Atrium in the Bronx
NEW YORK, Oct. 4, 2013 /PRNewswire/ -- Citi and Simone Development Companies, in partnership with Monge Capital, have provided New Markets Tax Credit ("NMTC") financing for the construction of Metro Center Atrium, a mixed-use commercial development in the Pelham Bay section of the Bronx, a medically underserved community.
Metro Center Atrium is a 370,000 sq. ft. development consisting of community health care and social service providers, the first LA Fitness health club in New York City and a 95,000-square-foot, 125-room Residence Inn by Marriott. The Residence Inn will be the first Class A hotel in the Bronx.
The property is part of the Hutchinson Metro Center development, Simone's 42-acre, multi-phase, Class A office and retail complex. The expansion will provide much needed services to the local residents, create nearby accommodations for families of patients in nearby hospitals, and continue the development of the transformative Hutchinson Metro Center.
"We are committed to creating a positive community impact through development of projects and uses that benefit this historically underserved area," said Joseph P. Kelleher of Simone Development. "Metro Center Atrium will bring in new jobs and services, and we're truly pleased to see this building rise as the latest addition to Hutchinson Metro Center."
"Citi is pleased to be able to provide the NMTC equity and allocation to the Metro Center Atrium project," said Andrew Ditton, Co-Head of Citi Community Capital. "The social impact of this initiative and the continued economic revitalization it creates is remarkable."
The proceeds from Citi's investment will be used to keep leases affordable for community organizations and provide services to local residents, including a free shuttle from local subway and bus stops. Additional financing was provided through the federal EB-5 program.
"Participating in the continued expansion of this pioneering campus speaks to our commitment to bring investment capital into underserved markets as well as our belief in the reemergence of the Bronx - where I was born and raised," said Jeff Monge, Managing Partner of Monge Capital.
Citi Community Capital (CCC) is a premier financial partner with nationally recognized expertise in financing all types of affordable housing and community reinvestment projects. CCC's origination, structuring, asset and risk management staff across the country provides creative financing solutions designed to meet their clients' needs. CCC helps community development financial institutions, real estate developers, national intermediaries and nonprofit organizations achieve their goals through a broad, integrated platform of debt and equity offerings. Additional information may be found at www.citicommunitycapital.com.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Additional information may be found at http://www.citigroup.com | Twitter: @Citi | YouTube: http://www.youtube.com/citi | Blog: http://new.citi.com | Facebook: http://www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi.
About Simone Development Companies
Simone Development Companies is a full-service real estate investment company specializing in the acquisition and development of office, retail, industrial and residential properties in the New York tri-state area. Headquartered in the Bronx, the privately held company owns and manages more than 5 million square feet of property in the Bronx, Westchester County, Queens, Long Island and Connecticut. The company's portfolio includes more than 100 properties and ranges from multi-building office parks to retail and industrial space.
The company's largest and most successful development is the 42-acre Hutchinson Metro Center office complex located directly off the Hutchinson River Parkway in the Pelham Bay section of the Bronx. The first two phases of the complex (1200 Waters Place and 1250 Waters Place), which comprise nearly 750,000 square feet of Class A office and medical space, are fully leased. Two additional phases totaling 650,000 square feet (the 370,000-square-foot Metro Center Atrium and 280,000-square-foot Tower Two, adjacent to 1250 Waters Place), are currently under development.
About Monge Capital
Monge Capital (MC) is a Latino owned and operated firm focused on providing advisory services and capital solutions for real estate projects and business expansions with a focus on public/private partnerships. MC advisory service clients include private equity investors, developers/owners, retailers, operating businesses, banking institutions, governmental agencies, and nonprofits. MC leverages its economic development and private equity experience with a strong knowledge of urban development and finance to maximize results for clients. MC has extensive direct equity investing and lending expertise as well as the usage of a variety of City, State and Federal financing programs.
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