Simone Development signs $108M refi with Bank of America for building in Pelham Bay

Simone Development Companies through the entity 1776 Atrium Hotel LLC as borrower signed a refi loan with lender Bank of America through the entity Bank Of America, N.A. valued at $108 million for the commercial condo unit at 1776 Eastchester Road in Pelham Bay, Bronx. The building is divided into a commercial condo and a parking condo. This loan only covers the commercial condo.
The deal closed on January 25, 2022 and was recorded on February 8, 2022. The prior lender was New York City Regional Center|M&T Bank which held debt that had an original loan amount of $82.4 million.
The property has 361,044 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $299 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Simone Development Companies was Joseph Simone. The signatory for Bank of America was Jenny Han.
(220198275)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building on July 9, 2014.
On the tax block, the majority, or 56 percent of the 3.6 million square feet of built space are specialty buildings, with industrial buildings next occupying 28 percent of the space.

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