Construction loan financing has now been secured for the fourth and final tower of a multi-phase development in Westchester County spanning over a decade. Israel-based development company Azorim has obtained $68.75 million in construction financing to build Miroza Tower 4, a 14-storey luxury residential tower with 174 units, which will complete the Miroza at Ridge Hill masterplan development in Yonkers, N.Y.
Western Alliance Bank provided the loan, structured as a fixed-rate, interest-only construction loan. Walker & Dunlop, with Jonathan Zilber, Joel Chetner, and Mackenzie Kerin, arranged the transaction. Jonathan Zilber, Senior Managing Director for Commercial Real Estate Finance at Walker & Dunlop, described Azorim as a 'first-class sponsor' in a statement. He noted that his firm had previously arranged new financing totalling $145 million for Azorim's second and third Miroza development towers at the end of 2025.
Strategic Financing Despite Market Headwinds
Zilber emphasised that despite ongoing market headwinds, their extensive familiarity with the sponsor and the ability to optimise the project's PILOT and market-rate bond structure allowed them to deliver a highly competitive financing solution.
Miroza at Ridge Hill is located at 599 Ridge Hill Boulevard in Yonkers. This city is the third-largest in New York State after New York City and Buffalo, situated just 15 miles north of Manhattan on the Hudson River. Miroza Tower 4 will provide 174 residential units and 248 parking spaces in Ridge Hill, a 'live-work-play' urban square near the Grassy Sprain Reservoir and Sprain Ridge Park in Yonkers.
Comprehensive Residential Concept
The four-part Miroza residential complex comprises a total of 520 residential units. The first three towers were completed in 2013, 2023, and 2024. The Miroza buildings are connected by a 25,000 square foot amenity centre, which offers a variety of recreational facilities. These amenities help make the residential complex a self-contained community, which is also just steps away from the renowned restaurants and medical centre of the Ridge Hill district.
- —Miroza Tower 4: 174 units, 14 storeys.
- —Overall Miroza complex: 520 units across four towers.
- —Amenities: 25,000 square foot centre with pool, basketball court, cinema, and jogging track.
- —Location: 15 miles north of Manhattan, in Yonkers on the Hudson River.
