JLL Arranges $135M Financing for Luxury Multifamily in Yonkers
JLL Capital Markets arranged $135 million in construction financing and joint venture equity for the development of The Ibex at Ridge Hill, a 282-unit luxury multifamily community at the Ridge Hill mixed-use lifestyle center in Yonkers. Senior managing directors Evan Pariser and Aaron Niedermayer and director John Lowe arranged the senior construction loan with Bank OZK and the LP equity investment from Eagle Realty Group, LLC on behalf of the development team led by Saber-Hightower and Rafferty Real Estate.
Saber-Hightower acquired Parcel K at 22 Lembo Dr. in Ridge Hill earlier this month to develop a 17-story property on the site. The property will utilize an existing adjacent parking structure with 423 dedicated resident parking spaces.
“Equity capital remains highly selective, particularly for ground-up development, so investors are looking closely at basis, location, product, sponsorship and their ability to execute,” said Pariser. “The Ibex checked those boxes, and we were able to structure a capital stack that positions the project well as it moves into construction.”
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Fourth Sale Closes in Anaheim Multifamily Portfolio
Marcus & Millichap arranged the sale of Knott-Orange Apartments, a 35-unit multifamily property located at 515 S. Knott Ave. in Anaheim. The property sold for $9.65 million, or $275,714 per unit. “This transaction marked the fourth closing from a larger Anaheim-area multifamily portfolio as the seller continues to reposition its holdings through a 1031 exchange...
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BMO Provides $114.7M For Hamilton Rental Tower
BMO has provided $114.7 million in construction financing for a 33-storey rental tower in downtown Hamilton, backing a project that developers initially envisioned as condominiums. Vantage Developments, The Arlo Company and Garnet Group secured the conventional construction loan for 188 Cannon St. E., where work is underway on 353 purpose-built rental apartments. Toronto-based Oakbank Capital...
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Mattapan Site Will Contain 105 Affordable Housing Units
Colliers arranged the $8.75 million sale of 1590 Blue Hill Ave., a 1.63-acre site in Boston’s Mattapan neighborhood. A partnership between the Planning Office for Urban Affairs, a nonprofit housing developer affiliated with the Archdiocese of Boston, and JGE Development acquired the property from the McKeen family. The partnrship has secured city approvals for a...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout