Weekly Real Estate News
Summary
JLL disclosed on October 27 that the Ibex at Ridge Hill in Yonkers has a $135 million capital package consisting of a $93 million Bank OZK senior construction loan and $42 million in Eagle Realty Group equity. The financing breakdown is a material update to WRE's October 7 groundbreaking coverage, which described a separate $140 million project cost. The 282-unit tower includes 28 affordable apartments; completion remains projected, not guaranteed.
A $135 million construction financing and equity package for a 282-apartment tower in Yonkers, New York, is now documented in greater detail, providing a clearer view of how a large suburban multifamily project is being funded despite a difficult borrowing environment.
JLL said October 27 it arranged a $93 million senior construction loan from Bank OZK and $42 million of limited-partner equity from Eagle Realty Group for The Ibex at Ridge Hill. The development team is led by Saber-Hightower and Rafferty Real Estate. The total $135 million combines debt and equity; it is not the amount of the bank loan alone.
The financing disclosure follows an earlier WRE News report on the project’s groundbreaking. That report described a $140 million development and Bank OZK’s participation but did not have the new loan-and-equity breakdown. The $140 million project figure and the $135 million capital package refer to different measures and should not be treated as conflicting loan amounts.
Construction financing supports 282 apartments
The 17-story development is planned within the Ridge Hill mixed-use district, a shopping, dining and entertainment destination in Westchester County. According to JLL, the project will include 282 rental residences, with 28 designated as affordable housing, along with approximately 5,000 square feet of ground-floor retail and residential amenities.
JLL’s announcement names Evan Pariser, Aaron Niedermayer and John Lowe as the capital markets advisers who arranged the financing. Bank OZK is the senior construction lender; Eagle Realty Group is providing limited-partner equity rather than another mortgage. That distinction matters for readers comparing construction debt exposure with total project capitalization.
At $93 million across 282 planned apartments, the senior loan represents approximately $330,000 per unit. The full $135 million financing and equity package equates to roughly $479,000 per unit. Neither figure is a completed-property valuation, and both exclude the possibility of other project costs or capital sources not described in the announcement.
Why the capital structure matters
Large multifamily developments require capital well before stabilized rents begin arriving. A senior construction loan generally funds work as milestones are met, while equity bears a different share of the project’s financial risk. JLL did not disclose the loan’s interest rate, term, guarantees or detailed draw schedule in the announcement reviewed for this report.
The Ibex illustrates how lenders and institutional equity investors can still back selected rental projects even when higher rates and construction costs complicate underwriting. It does not, by itself, establish that financing has become broadly easier for developers across the country.
The development team previously projected occupancy beginning in 2028. That remains a target, not a confirmed delivery date. Construction progress, leasing conditions and future financing costs will determine whether the project meets its schedule and expected returns.
For lenders, investors and housing-market observers, the new information is the composition of the financing—not another groundbreaking or a newly announced $140 million loan. The October 27 JLL disclosure is an additional financing detail to an existing WRE-covered project.
