10/7/13
Citi, Simone and Monge Provide Funding for Bronx Project - Daily News Article - GlobeSt.com
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Last Updated: October 7, 2013
Citi, Simone and Monge Provide Funding for Bronx Project
By Rayna Katz | New York
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NEW YORK CITY-Citi Community Capital and Simone Development Cos., in partnership with Monge
Capital, have provided new markets tax credit financing for the construction of Metro Center Atrium, a mixeduse commercial development in the Pelham Bay section of the Bronx, a medically underserved community. The
companies declined to say how much money they doled out for the deal.
Metro Center Atrium is a 370,000-square-foot 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 Metro Center Atrium
development will include 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
Hutchinson Metro Center.
"We are committed to creating a positive community impact through development of projects and uses that benefit this historically underserved area,"
says Joseph 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,” adds Andrew Ditton, co-head of Citi. "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,” notes Jeff Monge, managing partner of Monge Capital.
The 42-acre Hutchinson Metro Center office complex, located directly off the Hutchinson River Parkway in the Pelham Bay section of the Bronx, is
Citi’s largest and most successful development. 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 370,000square-foot Metro Center Atrium and 280,000-square-foot tower wwo, adjacent to 1250 Waters Place), are under development.
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Related Topics: Northeast
About Our Columnist
Rayna Katz is a seasoned business journalist whose extensive experience includes
coverage of the lodging sector. She was most recently content director for a major
business-to-business publisher, overseeing four publications.
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