Bank OZK Leads $135M Financing for Yonkers Apartments Build

Saber-Hightower has sealed a $135 million financing package to develop a luxury apartment project in Yonkers, N.Y., Commercial Observer has learned.

Bank OZK supplied a $92 million construction loan while Eagle Realty Group provided $43 million of limited partner equity for the sponsorship’s planned 282-unit the Ibex at Ridge Hill multifamily community within the Ridge Hill mixed-use center. Saber-Hightower commenced construction on the 17-story building it is developing in partnership with Rafferty Real Estate and Eagle Realty this month, with completion slated for 2028, CoStar previously reported.

“This is an important milestone for our development team and for our vision of creating a best-in-class residential community at Ridge Hill,” Marty Berger, managing principal and co-founder of Saber-Hightower, said in a statement.

JLL negotiated the financing with a capital markets team led by Evan Pariser, Aaron Niedermayer and John Lowe.

Located at 1 Ridge Hill Boulevard 20 miles north of Midtown Manhattan, the Ibex at Ridge Hill will consist of 254 market-rate apartments with 28 units designated as affordable. The property, which is adjacent to a Whole Foods Market, will have 423 resident parking spaces.

“Equity capital remains highly selective, particularly for ground-up development, so investors are looking closely at basis, location, product, sponsorship and their ability to execute,” Pariser said in a statement. “The Ibex checked those boxes, and we were able to structure a capital stack that positions the project well as it moves into construction.”

Community amenities at the Ibex will include a fitness center, a swimming pool, a yoga studio, coworking space and a rooftop deck. The project was designed by Beyer Blinder Belle and ESG | Architecture & Design with Callahan Construction Managers serving as construction manager.

Bank OZK did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.

Source: commercialobserver.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.