JLL Arranges $199M Refi on Open-Air Center in Yonkers

JLL Capital Markets arranged $198.5 million in financing for Ridge Hill, a 1.2-million-square-foot, open-air lifestyle destination located at 1 Ridge Hill Blvd. in Yonkers, NY. Senior managing directors Aaron Niedermayer, Kellogg Gaines and Evan Pariser worked on behalf of the borrower, a joint venture of Taconic Partners, Nuveen Real Estate, Jamestown and a public pension plan, to secure the loan.

Blackstone Real Estate Debt Strategies provided the financing, proceeds of which will be used to retire existing debt and fund future leasing activity. The same JLL team arranged acquisition financing in 2022.

Considered a valued Westchester asset, Ridge Hill was developed in 2011 and features a wide variety of local and national retailers. “The refinancing with Blackstone underscores the sponsor’s vision and enduring appeal of Ridge Hill,” said Niedermayer. “The property’s high-quality tenancy, prime location and established reputation as Westchester’s leading open-air retail destination made this a compelling transaction.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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