JLL Capital Markets has arranged a $135 million capital package for The Ibex at Ridge Hill, a planned luxury multifamily project within the Ridge Hill mixed-use lifestyle center in Yonkers. The financing combines construction debt and joint venture equity to support development of the 282-unit community on a recently acquired development parcel.
The JLL team was led by senior managing directors Evan Pariser and Aaron Niedermayer, along with director John Lowe. Working on behalf of the development team led by Saber-Hightower and Rafferty Real Estate, the group arranged a senior construction loan provided by Bank OZK and secured an LP equity investment from Eagle Realty Group, LLC. The structure brings together bank construction capital with institutional equity in a single coordinated execution.
The Ibex at Ridge Hill will rise on Parcel K at 22 Lembo Dr. in the Ridge Hill complex. Saber-Hightower acquired the site earlier in the month with plans to build a 17-story multifamily property. As part of the development plan, the project will utilize an existing adjacent parking structure, which will provide 423 dedicated parking spaces for residents.
The planned community is positioned within an established open-air, mixed-use environment, with the Ridge Hill center already functioning as a lifestyle destination. While specific unit mix and interior features were not disclosed, the project is described as a luxury multifamily development and is expected to integrate with the broader residential and retail environment at Ridge Hill.
Pariser noted that the capital raise took place in a selective investment climate, particularly for ground-up multifamily projects. According to him, equity providers are scrutinizing elements such as basis, location, product, sponsorship and execution capabilities before committing capital. He stated that The Ibex at Ridge Hill met these criteria, allowing JLL to assemble a capital stack that supports the project as it transitions into the construction phase.
The transaction underscores the role of specialized capital markets intermediaries in aligning bank construction debt and institutional equity for large-scale multifamily projects. With the parcel acquisition completed, financing in place and a clear development plan for a high-rise residential building integrated into an existing parking and mixed-use framework, the project is now positioned to move forward into active development.
