Walker & Dunlop has arranged a $68.75 million construction loan to fund the development of Miroza Tower 4, a new luxury multifamily building planned in Yonkers, NY. The financing supports the next phase of a master-planned residential community and is being provided by Western Alliance Bank as a fixed-rate, interest-only construction facility. The loan proceeds will be used to finance ground-up development on behalf of the project sponsor, Azorim North America.
The Walker & Dunlop Capital Markets Real Estate Finance team led the assignment, with Jonathan Zilber, Joel Chetner and Mackenzie Kerin arranging the debt. Their mandate focused on sourcing competitive construction capital for a Class A multifamily project at a time when market conditions remain challenging for new development. The team ultimately structured a loan that leverages the project’s Payment in Lieu of Taxes (PILOT) and market-rate bond framework to enhance financial efficiency for the sponsor.
Miroza Tower 4 is planned as a 14-story, 174-unit luxury apartment property with 248 parking spaces. The building is designed as a Class A asset and will serve as the fourth and final phase of the Miroza at Ridge Hill master-planned development. With this phase, the sponsor advances the completion of a multi-tower residential community that has been built out in stages.
The latest financing follows earlier activity on the broader Miroza at Ridge Hill project. Walker & Dunlop previously arranged $145 million in financing for Miroza Towers 2 and 3, demonstrating an ongoing advisory role on the capital stack for the development. That history provided the arranging team with detailed familiarity with both the sponsorship and the project’s capital and incentive structure.
In commenting on the transaction, Zilber noted that strong sponsors continue to draw strong capital relationships, even in a period of market headwinds. He added that banks are once again competing aggressively to finance high-quality multifamily opportunities. In this case, Walker & Dunlop’s understanding of Azorim North America’s track record and the project’s PILOT and market-rate bond structure helped secure a competitive construction loan from Western Alliance Bank.
The Miroza Tower 4 financing illustrates that bank lenders remain active in the multifamily construction space where sponsorship, asset quality and underlying financial structures are viewed favorably. It also highlights how specialized knowledge of local incentive and bond programs can play a central role in optimizing debt terms and securing capital in a still-selective lending environment.
