$140 Million Yonkers Apartment Tower Breaks Ground With Bank OZK Construction Financing

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Construction has started on The Ibex at Ridge Hill, a $140 million mixed-use apartment tower in Yonkers, New York, adding 282 apartments to the Ridge Hill development as multifamily construction continues to attract capital in supply-constrained suburban markets.

Saber-Hightower, Rafferty Real Estate and Eagle Realty Group announced the start of construction on the 17-story project. Bank OZK is providing construction financing. The sponsors did not disclose the amount of the construction loan, and WRE News is not treating the project’s $140 million total development cost as the loan amount.

The development will include 282 apartments, with 28 designated as affordable, along with roughly 5,000 square feet of ground-floor retail. First occupancy is expected in late 2028.

Another residential investment at Ridge Hill

The Ibex is part of the continuing evolution of Ridge Hill, a large mixed-use destination in Yonkers that combines retail, dining, entertainment and residential uses. Adding housing to established commercial centers has become an increasingly common redevelopment strategy as owners seek to create denser, mixed-use environments and diversify property income.

Bank OZK has become one of the country’s most visible construction lenders for large real estate projects. Its participation provides another example of bank capital remaining available for selected multifamily developments even as elevated rates and tighter underwriting have made construction financing more difficult across commercial real estate.

The development team said the project will include resident amenities and access to Ridge Hill’s existing retail and entertainment offerings. The 28 affordable units represent roughly 10% of the planned apartment count.

The financing and groundbreaking are established developments; the 2028 occupancy date remains a project timetable and could change as construction progresses.