Simone Development Lands $36M Ullico Refi for Yonkers Mixed-Use Development


Simone Development Companies has scored a $36 million refinance for the Boyce Thompson Center, its mixed-use development in Yonkers, N.Y., Commercial Observer can first report.

The deal closed today, sources said.

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Ullico provided the 10-year fixed-rate loan in a transaction led by Regional Vice President Matthew Downs.

The financing was arranged by Cooper-Horowitz Principal Richard Horowitz, while Mark Rubin, the chief financial officer of Simone Development, negotiated the deal on behalf of the owner.

The Boyce Thompson Center—located at 1084 North Broadway—is a 85,000-square-foot mixed-use project featuring Class-A office space for businesses and medical practices as well as retail stores and restaurants.

The property is located on the site of the former Boyce Thompson research institute building, erected in the 1920s. Simone Development purchased it in 2015, restoring the main building to its original character before opening it as the Boyce Thompson Center in May 2017.

Today its healthcare tenants include St. John’s Riverside Hospital, WESTMED Medical Group, Westchester Gastroenterology, ColumbiaDoctors and Juvanni Med Spa.

Retail tenants include Tompkins Mahopac Bank, ISO Japanese restaurant, Fortina and StarbucksStarbuck’s 2,049-square-foot lease, executed in May, brought the center’s occupancy to 90 percent.

The property also includes an outdoor plaza with landscaped areas for sitting and eating.

It’s shaping up to be a busy year-end for Ullico. Only last week, the lender closed a $103 million loan for RXR Realty’s Atlantic Station project, as first reported by CO.

Officials at Ullico and Cooper-Horowitz declined to comment. Officials at Simone Development could not immediately be reached.