Bank OZK provided a $92 million construction loan to finance the development of the Ibex at Ridge Hill, a planned 282-unit multifamily project in Yonkers, New York, Commercial Observer reported. The construction loan forms the debt component of a $135 million financing package arranged by JLL.
Eagle Realty Group supplied $43 million in limited partner equity to complete the capitalization. Saber-Hightower is developing the 17-story property in partnership with Rafferty Real Estate and Eagle Realty, with construction underway and completion scheduled for 2028.
What happened
The Ibex at Ridge Hill is located at 1 Ridge Hill Boulevard within the Ridge Hill mixed-use center, 20 miles north of Midtown Manhattan. Plans call for 254 market-rate apartments and 28 affordable units, alongside 423 resident parking spaces. Amenities will include a fitness center, swimming pool, yoga studio, coworking space, and a rooftop deck adjacent to an existing Whole Foods Market.
A JLL capital markets team led by Evan Pariser, Aaron Niedermayer, and John Lowe negotiated the financing package for the development team. Beyer Blinder Belle and ESG | Architecture & Design designed the building, while Callahan Construction Managers is serving as construction manager.
What it changes for a closing
For closing teams, ground-up construction financings that integrate senior bank debt with third-party limited partner equity require detailed coordination across capital partners. Bank OZK's senior debt sits alongside $43 million in equity from Eagle Realty Group, requiring loan counsel to align equity contribution timing, completion guarantees, and monthly loan draw schedules.
Lender counsel and closing administrators must also reconcile construction contracts with Callahan Construction Managers, design agreements, and regulatory covenants governing the 28 affordable housing units before initial disbursement. Title and settlement teams must structure mechanics' lien protection and draw conditions suited for a multi-year build schedule running through 2028.