JLL Arranges $135M Financing for The Ibex at Ridge Hill, a 282-Unit Yonkers Multifamily Development

NEW YORK, Oct. 27, 2026 — JLL Capital Markets announced it has arranged $135 million in construction financing and joint venture equity for The Ibex at Ridge Hill, a 282-unit luxury multifamily community planned for the Ridge Hill mixed-use lifestyle center in Yonkers, New York. The capital stack combines a $93 million senior construction loan from Bank OZK with $42 million of LP equity from Eagle Realty Group, LLC.

JLL arranged the financing on behalf of the development team led by Saber-Hightower and Rafferty Real Estate. The JLL Capital Markets team representing the sponsor was led by Senior Managing Directors Evan Pariser and Aaron Niedermayer and Director John Lowe.

Capital Stack for The Ibex at Ridge Hill

The financing consists of a $93 million senior construction loan provided by Bank OZK and $42 million in LP equity advanced by Eagle Realty Group, LLC, together totaling $135 million. Divided across 282 apartments, the announced capitalization works out to roughly $478,700 per unit.

Saber-Hightower estimated the project's total development cost at $144.7 million in its application to the Yonkers Industrial Development Agency. The announced financing therefore equals roughly 93% of that reported budget, though the financing amount and development budget may use different definitions of total capitalization. The remaining approximately $9.7 million, or 6.7% of the reported budget, may be supplied through sponsor equity or other sources.

Saber-Hightower acquired Parcel K at 22 Lembo Dr. in Ridge Hill earlier this month to develop the site. Some public records refer to the address as 22 Lembo Street.

Project Details: 282 Units, 17 Stories

The Ibex will rise 17 stories and comprise 254 market-rate apartments and 28 affordable units, along with approximately 5,000 square feet of ground-floor retail. The affordable units represent about 9.9% of the total unit count. Planning materials describe a unit mix of 33 studios, 127 one-bedroom units, 13 one-and-a-half-bedroom units, 97 two-bedroom units and 12 three-bedroom units.

The property will use an existing adjacent parking structure with 423 dedicated resident parking spaces. Amenities will total approximately 20,000 square feet and include a fitness center, resort-style pool area, yoga studio, residential and co-working lounges, a rooftop deck and a signature 17th-floor sky lounge with indoor and outdoor spaces.

Callahan Construction Managers is serving as construction manager. The project was designed by Beyer Blinder Belle and ESG | Architecture & Design. The first apartments are expected in late 2028.

Location in Westchester County

The site is directly adjacent to a Whole Foods Market and within walking distance of Ridge Hill's dining, shopping, fitness and entertainment offerings. Situated at one of the higher elevations in Westchester County, the property will offer views that include the Manhattan skyline, Hudson River and Grassy Sprain Reservoir.

The site provides access to I-87, the Sprain Brook Parkway and other major roadways, while the Bronxville and Tuckahoe Metro-North stations offer direct rail service to Manhattan.

Sponsor and Broker Comments

"This is an important milestone for our development team and for our vision of creating a best-in-class residential community at Ridge Hill," said Martin Berger, Managing Principal and Co-Founder of Saber-Hightower. "We appreciate the work of the entire JLL Capital Markets team in navigating the capital raising process and bringing together Bank OZK and Eagle Realty Group. Their understanding of multifamily capital markets was instrumental in putting the right capital structure in place for this project."

Pariser addressed conditions in the equity market. "Equity capital remains highly selective, particularly for ground-up development, so investors are looking closely at basis, location, product, sponsorship and their ability to execute," he said. "The Ibex checked those boxes, and we were able to structure a capital stack that positions the project well as it moves into construction."

Lender and Equity Partner Background

Bank OZK provides financing on commercial real estate projects nationwide through its Real Estate Specialties Group (RESG), which focuses on senior secured construction financing across property types including multifamily, mixed-use, condominiums, office and hospitality. For the five years ended Sept. 30, 2026, RESG originated approximately $38.09 billion in new loans. The group reported $1.0 billion of originations in the first quarter of 2026 and $1.08 billion in the second quarter, and the bank has said competitive conditions remained a headwind to reaching its origination targets. Multifamily accounts for $7.6 billion, or 27.3%, of a reported property-type distribution of RESG activity.

Eagle Realty Group, a member of Western & Southern Financial Group, is a real estate capital provider and asset management company based in Cincinnati, Ohio. It oversees a real estate debt and equity portfolio on behalf of the member companies of Western & Southern.

Saber-Hightower is a development, investment and advisory firm headquartered in Briarcliff Manor, New York, with more than $3 billion in completed developments nationwide. Rafferty Real Estate, based in New York City, pursues value-add and opportunistic multifamily investments and is overseeing $400 million of active development and value-add projects.

Market Context

The financing arrives as developers seek capital for ground-up multifamily projects in a selective financing environment. Against the reported $144.7 million development cost, the project equates to roughly $513,000 per unit, and the broader project has been described as approximately $140 million, or about $496,000 per unit.

Sources

• JLL Newsroom: JLL arranges $135M in equity and construction financing for a Westchester apartment development – The Ibex at Ridge Hill