ULLICO Lends $77M on Bronx Office Tower

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Simone Development Companies has landed $77 million in financing for its Class A office tower at 1250 Waters Place in the Bronx, Commercial Observer has learned. 

Union Labor Life Insurance Company (ULLICO) provided the 10-year fixed-rate loan in a transaction arranged by Cooper-Horowitz’s Richard Horowitz and Justin Horowitz. ULLICO’s Kevin Smith and Herb Kolben and Simone’s Mark Rubin represented their respective firms in the deal. 

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Also known as Tower One, the 282,590-square-foot building sits within the Hutchinson Metro Center — a 42-acre, 1.4 million-square-foot campus in the Pelham Bay section of the Bronx. It’s currently 99 percent leased to a variety of top-tier tenants including Montefiore Medical Center and the New York Police Department.

A 320,000-square-foot second tower at the site is leased to Montefiore for its new ambulatory care center, with a common lobby connecting the two buildings. 

Complex amenities include a conference center, fitness center, MTA bus service and a shuttle to the 6 train. The property is easily accessible via major highways and only 30 minutes from JFK and LaGuardia airports. 

Simone Development Companies’ portfolio includes more than 100 commercial properties exceeding 7 million square feet. It’s not the first time that ULLICO has financed one of the investment firm’s properties. It also provided a $36 million permanent loan for Simone’s Boyce Thompson Center in Yonkers.

Officials at Simone Development and ULLICO couldn’t immediately be reached for comment. 

Cathy Cunningham can be reached at ccunningham@commercialobserver.com