After putting the finishing touches on Mizora at Ridge Hill, Azorim North America landed a loan to refinance the multifamily property in Yonkers.
Azorim — which named the property after itself, but spelled backwards — scored a $145 million loan from Acore Capital for the 364-unit complex, the Commercial Observer reported.
The development is divided into two buildings. The first was completed in 2021, while the latter was completed last year. They are each 14 stories tall and house a similar unit count. Amenities include an indoor swimming pool, outdoor patio with a grilling area, hot tub, sauna, locker rooms, fitness center with track, indoor basketball court, children’s playroom as well as movie screening room.
The property is located at 601-607 Ridge Hill Boulevard, less than 20 miles away from Midtown Manhattan.
There’s more to come, too: Azorim North America’s Chief Operating Officer Jack Klein said work recently began on a third building, which will feature 174 units and is expected to be completed in the next 18 months.
A Walker & Dunlop team of Jonathan Zilber and Joel Chetner arranged the financing.
Azorim North America is a subsidiary of Azorim, a development firm based in Israel. The firm also has a 250-unit transit-oriented development on Hudson Street in Yonkers, one of New York’s largest cities outside of the Big Apple itself.
Azorim North America has its next Yonkers project up its sleeve: a 672-unit development at 143 Woodworth Avenue that’s a short walk from the Metro North station, similar to another complex at Hudson Street in which the developer provides a shuttle to the train at the Ridge Hill complex.
The multifamily development market in Westchester County has been booming in recent years, but developers are becoming increasingly concerned about the influx of units, fearful of competition and the need for concessions.
— Holden Walter-Warner
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