Developer Saber-Hightower has secured a 135 million dollar financing package for the construction of an upscale residential development in the state of New York. The scheme, named 'Ibex at Ridge Hill', is being built on the site of the Ridge Hill mixed-use retail and commercial centre in Yonkers and is being delivered in partnership with Rafferty Real Estate and Eagle Realty Group.
The core of the financing comprises a 92 million dollar construction loan from Bank OZK. In addition, Eagle Realty Group is contributing 43 million dollars in equity as a limited partner. The structuring of the capital raise was arranged by a team from advisory firm JLL Capital Markets led by Evan Pariser, Aaron Niedermayer and John Lowe.
Delivery of 282 units and schedule through to 2028
Construction work on the 17-storey residential building commenced this month. Under current plans, completion is targeted for 2028. The overall scheme comprises 282 residential units, 254 of which will be offered at regular market rates, while 28 units are designated as affordable housing. Tenants will have access to a total of 423 car parking spaces.
The property at 1 Ridge Hill Boulevard is situated approximately 20 miles north of Midtown Manhattan and directly adjoins a Whole Foods store. The architectural design was created by Beyer Blinder Belle and ESG | Architecture & Design, whilst Callahan Construction Managers has been appointed to oversee construction.
Market environment and neighbourhood profile
Marty Berger, Managing Principal and co-founder of Saber-Hightower, described the closing as a significant milestone for the development team and its objective of establishing a high-end residential address within the Ridge Hill development. According to broker Evan Pariser, equity investors are currently acting highly selectively, particularly regarding ground-up developments. Decisive factors for completing the transaction were primarily the location, the quality of the product and the delivery capabilities of the partners involved.
The residential concept includes various amenities for future residents designed to round off the offering at the urban location:
- —Fitness centre and a separate yoga studio
- —Dedicated swimming pool for residents
- —Modern co-working spaces for agile working
- —Spacious roof terrace with leisure qualities
With the start of foundation works, the financing is now fully rounded off, allowing construction to progress without interruption.
