BRONX, NY (March 2023) – Simone Development Companies has reached a settlement with respect to a foreclosure action that was commenced by the lenders of a non-recourse CMBS loan on a Simone Development retail property known as Post Road Plaza in Port Chester, NY.
Simone has successfully reached an agreement with the lender and resolved all disputes. The loan has been reinstated and is in good standing with the action settled and discontinued.
During the early part of the pandemic, various tenants at Post Road Plaza ceased paying rent or struggled to pay rent because of Covid related shutdowns and restrictions on their businesses. As its rental income declined, Simone sought forbearance from its lender.
While the loan was not unconditionally guaranteed, Simone had no intention of not making good on the loan payments. Instead, Simone asked the lender for time to catch up after the tenants were allowed to reopen their businesses and cash flow resumed. Unfortunately, the lender was unwilling to negotiate with Simone, resulting in defaults and the commencement of the foreclosure action which has now been settled.
Simone Development Companies is a full-service real estate investment company specializing in the acquisition and development of healthcare, mixed-use, office, industrial, retail, and residential properties. Headquartered at the Hutchinson Metro Center, it boasts a portfolio of over 7 million square feet throughout the Bronx, Manhattan, Queens, Long Island, Westchester County, Orange and Fairfield Counties and New Jersey. With services spanning acquisition, development, construction, finance, asset management, accounting, leasing and property management, Simone Development Companies is set apart by its vertically integrated management team, long-term asset ownership and its pursuit of visionary development.