JLL arranges $135 million for luxury apartments in Yonkers
JLL arranged $135 million for a new Yonkers apartment building.
The short version
- The funding will build The Ibex at Ridge Hill.
- The project features 282 luxury units in a mixed-use center.
- Bank OZK provided the senior construction loan for the development.
- Construction is starting soon on the 17-story property.
JLL Capital Markets just secured $135 million in construction financing and joint venture equity for a major new apartment project in Yonkers, according to Connect CRE. The deal is funding The Ibex at Ridge Hill, a 282-unit luxury multifamily community planned for the Ridge Hill mixed-use lifestyle center.
Senior managing directors Evan Pariser and Aaron Niedermayer and director John Lowe arranged the senior construction loan with Bank OZK, which is the bank division of Bank OZK, and the equity investment from Eagle Realty Group, LLC. The money comes on behalf of the development team led by Saber-Hightower and Rafferty Real Estate, who acquired Parcel K at 22 Lembo Dr. Earlier this month.
The new 17-story property will use an existing adjacent parking structure with 423 dedicated 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. The Ibex checked those boxes, and we were able to structure a capital stack that positions the project well as it moves into construction, according to Pariser.
For local builders and property owners, the massive funding deal shows that major banks are still willing to back large ground-up apartment projects in strong suburban locations.
