A joint venture of several big-name real estate companies landed nearly $200 million in debt to refinance a shopping center 20 miles from Midtown Manhattan.
Blackstone Real Estate Debt Strategies provided Jamestown, Taconic Partners, Nuveen Real Estate and a public pension plan with a $198.5 million loan for the Ridge Hill open-air retail center in Yonkers, the Commercial Observer reported. The loan will retire existing debt and help to fund upcoming leasing efforts.
A JLL Capital Markets team of Aaron Niedermayer, Kellogg Gaines and Evan Pariser arranged the debt.
The 1.2-million-square-foot property at 1 Ridge Hill Boulevard, which first opened in 2011, features a number of well-established tenants, including Apple, Dick’s Sporting Goods, Whole Foods Market, T.J. Maxx and Lowe’s.
Beyond the traditional retail options, there are also restaurants, a Legoland Discovery Center, a 12-screen movie theater, an indoor skydiving center and an LA Fitness gym.
Ownership recently completed work on a 17,000-square-foot activity zone for families and a 25,000-square-foot “Town Square” community hub. In the last three years, tenants have signed deals for 679,000 square feet at Ridge Hill, which traded hands in 2022 for $220 million.
This is the second significant refinancing deal on Ridge Hill Boulevard in Yonkers in a matter of weeks.
At the start of the month, Azorim North America landed a loan to refinance Mizora at Ridge Hill, a 364-unit multifamily complex down the road. Acore Capital provided the $145 million loan for the property.
Elsewhere in Yonkers, MGM Resorts recently dropped out of downstate casino competition, despite being perceived as a leading contender for a gaming license. The news was especially surprising considering a community advisory committee unanimously approved the proposal only last month.
MGM blamed the decision on “a newly defined competitive landscape,” pointing to how the remaining proposals were clustered in a “small geographic area.”
— Holden Walter-Warner
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Developers snatch up Yonkers shopping center for $220M
MGM drops out of the casino race
