NEW YORK, Oct. 4, 2013 /PRNewswire/ — Citi and Simone Development Companies, in partnership with Monge Capital, have provided New Markets Tax Credit ("NMTC") financing for the construction of Metro Center Atrium, a mixed-use commercial development in the Pelham Bay section of the Bronx, a medically underserved community.
Metro Center Atrium is a 370,000 sq. ft. development consisting of community health care and social service providers, the first LA Fitness health club in New York City and a 95,000-square-foot, 125-room Residence Inn by Marriott. The Residence Inn will be the first Class A hotel in the Bronx.
The property is part of the Hutchinson Metro Center development, Simone's 42-acre, multi-phase, Class A office and retail complex. The expansion will provide much needed services to the local residents, create nearby accommodations for families of patients in nearby hospitals, and continue the development of the transformative Hutchinson Metro Center.
"We are committed to creating a positive community impact through development of projects and uses that benefit this historically underserved area," said Joseph P. Kelleher of Simone Development. "Metro Center Atrium will bring in new jobs and services, and we're truly pleased to see this building rise as the latest addition to Hutchinson Metro Center."
"Citi is pleased to be able to provide the NMTC equity and allocation to the Metro Center Atrium project," said Andrew Ditton, Co-Head of Citi Community Capital. "The social impact of this initiative and the continued economic revitalization it creates is remarkable."
The proceeds from Citi's investment will be used to keep leases affordable for community organizations and provide services to local residents, including a free shuttle from local subway and bus stops. Additional financing was provided through the federal EB-5 program.
"Participating in the continued expansion of this pioneering campus speaks to our commitment to bring investment capital into underserved markets as well as our belief in the reemergence of the Bronx – where I was born and raised," said Jeff Monge, Managing Partner of Monge Capital.
Citi Community Capital (CCC) is a premier financial partner with nationally recognized expertise in financing all types of affordable housing and community reinvestment projects. CCC's origination, structuring, asset and risk management staff across the country provides creative financing solutions designed to meet their clients' needs. CCC helps community development financial institutions, real estate developers, national intermediaries and nonprofit organizations achieve their goals through a broad, integrated platform of debt and equity offerings. Additional information may be found at www.citicommunitycapital.com.
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