RBS Interested in Securitizing $70 Million Bronx Office Loan
Jotham Sederstrom Feb. 27, 2012, 10 a.m.
The Royal Bank of Scotland has its eye on a $70 million mortgage on a fully-leased office complex in the Pelham Bay section of the Bronx.
Tower One at the sprawling 42-acre suburban campus hit the fully leased mark in January, Simone Development Cos., the owner and manager, said at the time. A second building there, Tower Two, is set to break ground this summer, according to the Commercial Mortgage Alert.
Joseph Simone, president of Simone Development Cos., said in a prepared statement that the new tower would mean “more than 1 million square feet of class A office space in one of the finest office locations in the entire New York Metropolitan area.”
RBS would, if it gets the assignment, likely securitize the $70 million mortgage via a $1.2 billion offering next month that will also include loans contributed by Wells Fargo, according to the CMA report. The loan would be fixed rate, with an as-yet-decided term.
Current tenants in Tower One, at 1250 Waters Place, include the Visiting Nurse Service of New York, the offices of New York State Senator Jeffrey Klein, Comprehensive Care Management and Montefiore Orthopaedic Surgery–as well as the headquarters for the Simone Development Cos.