The loan marks the completion of the first phase of the complex, which is approximately 90% leased. The first phase is expected to generate between 2,500 and 3,000 new jobs and create approximately 500 construction jobs.

"The Bronx is enjoying a renaissance in economic development," Simone says. "In the months ahead we will be announcing plans for the next phase of development of the Hutchinson Metro Center." The company purchased an additional 24.5 acres on site, creating an as-of-right opportunity for an additional 640,000 sf of office space. The building's tenant roster includes Mercy College, Visiting Nurse Service of New York, New York City Housing Authority, the Internal Revenue Service and University Diagnostic Medical Imaging. Amenities including a cafeteria, a fitness center, a teleconferencing center, attended gatehouse with 24/7 security, parking, shuttle service to subway and train stations and convenience retail shops. Cushman & Wakefield is the exclusive leasing agent.

"This $90-million investment is indicative of the optimism people have in the Bronx," adds Bronx borough president Adolfo Carrión Jr. "People will no longer have to look to Manhattan or Westchester for superior office space--we will have it right here in the Bronx."

Gus Costaldo, Jack Houlihan and James J. Houlihan of Houlihan-Parnes/i Cap Realty Advisors represented Simone and negotiated the terms of the package. The loan was provided by Artesia Mortgage Capital Corp., which was represented by James Barry.