KeyBank provided an $80.5 million loan to Simone Development Companies to replace construction financing on office condominium space in 1250 Waters Place at the firm’s Hutchinson Metro Center development in the Bronx.
Mr. Simone received the loan from KeyBank on Sept. 12, public records show. The loan replaces financing provided by the local development corporation Build NYC Resource Corporation and M&T Bank in December 2012, according to the records.
The 280,000-square-foot tower contains nine floors of office space above four levels of covered parking. The building’s tenants include Montefiore Medical Center’s Orthopaedic Specialties Department, CenterLight Healthcare and administrative offices of Calvary Hospital and Westchester Square Physical Therapy. The tower also contains a full-service Hudson Valley Bank branch.
Hutchinson Metro Center has three completed towers. A separate office tower adjacent to 1250 Waters Place, connected by a shared lobby, is due to open soon. Another tower is planned for the 42-acre office complex in the Pelham Bay section of the Bronx.
Simone Development, run by Joseph Simone, relocated its headquarters to 1250 Waters Place in April 2011.
A spokesperson for KeyBank declined to comment. Simone Development did not return requests for comment in time for publication.