An Israel-based development firm is preparing to put the finishing touches on a massive multifamily complex a dozen miles north of Manhattan.
Azorim landed $69 million in construction financing from Western Alliance Bank for the fourth and final building of Mizora at Ridge Hill in Yonkers, the Commercial Observer reported. This component of the master-planned community in the Westchester County city is at 599 Ridge Hill Boulevard.
The financing will support work on a 14-story, 174-unit building, dubbed Mizora Tower 4 (Mizora is “Azorim” spelled backward). There will also be 248 parking spaces as part of this phase of the wider development.
Walker & Dunlop’s Jonathan Zilber, Joel Chetner and Mackenzie Kerin arranged the fixed-rate, interest-only loan. Azorim did not respond to a request for comment from the publication.
“Despite ongoing market headwinds, our deep familiarity with the sponsorship and ability to optimize the project’s PILOT and market-rate bond structure enabled us to deliver a highly competitive financing solution,” Zilber said in a statement.
In the fall, Azorim scored a $145 million loan from Acore Capital for two buildings in the complex, spanning 364 units. One was completed in 2023, while the other was completed in 2024; the first building was completed roughly a decade earlier.
All told, the completed complex will total 520 units across the four buildings. They will be connected by a 25,000-square-foot amenity center that features a swimming pool, a basketball court, a movie theater and a running track.
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 has another Yonkers project lined up, 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 where the developer provides a shuttle to the train at the Ridge Hill complex.
Read more
Azorim refinances Yonkers multifamily asset with $145M loan
Jamestown-led venture refinances Yonkers shopping center
Lenders cut nine-figure deals outside of New York City limits
