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JLL Arranges $135M Financing for Luxury Multifamily in Yonkers
JLL Capital Markets arranged $135 million in construction financing and joint venture equity for the development of The Ibex at Ridge Hill, a 282-unit luxury multifamily community at the Ridge Hill mixed-use lifestyle center in Yonkers. Senior managing directors Evan Pariser and Aaron Niedermayer and director John Lowe arranged the senior construction loan with Bank OZK and the LP equity investment from Eagle Realty Group, LLC on behalf of the development team led by Saber-Hightower and Rafferty Real Estate.
Saber-Hightower acquired Parcel K at 22 Lembo Dr. in Ridge Hill earlier this month to develop a 17-story property on the site. The property will utilize 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,” said Pariser. “The Ibex checked those boxes, and we were able to structure a capital stack that positions the project well as it moves into construction.”
- ◦Development
- ◦Financing
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