Joint Venture Launches Construction on Multifamily at Yonkers’ Ridge Hill Center
A joint venture of Saber-Hightower, Rafferty Real Estate and Eagle Realty Group has begun construction on The Ibex at Ridge Hill, a 17-story, 282-unit rental building at Ridge Hill, the open-air lifestyle center in Yonkers. Bank OZK is providing construction financing for the $140-million project.
The building will include 28 affordable units. First units are expected to be available in late 2028.
Designed by Beyer Blinder Belle, the building will be located directly adjacent to the Whole Foods Market on Ridge Hill’s Main Street. The project will also include 5,000 square feet of ground-floor retail and 423 resident parking spaces within Ridge Hill’s existing garage.
“We are excited to become an important part of this world-class mixed-use center,” said Greg Belew, managing principal of Saber-Hightower. “Our residents will have the ability to walk out the door and enjoy a wide variety of dining, shopping, and entertainment options.”
Get a closer look at the capital financing New York multifamily’s next cycle. Hear from Gary Bechtel of Red Oak Capital Holdings and Christian DeLisle of PACE Loan Group, then connect with owners, lenders and investors at Connect New York Apartments Investment & Finance on October 22. Register now!
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
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