Azorim North America has secured a $145 million refinancing loan from Acore Capital for its Mizora at Ridge Hill multifamily property in Yonkers, according to a report by the Commercial Observer. The 364-unit complex is split between two 14-story buildings, with the first completed in 2021 and the second last year.
Amenities at Mizora include an indoor swimming pool, outdoor patio with grilling area, hot tub, sauna, locker rooms, fitness center with track, indoor basketball court, children’s playroom, and movie screening room. The property is located at 601-607 Ridge Hill Boulevard, less than 20 miles from Midtown Manhattan.
Jack Klein, Chief Operating Officer of Azorim North America, stated that construction recently began on a third building at the site. “Work recently began on a third building, which will feature 174 units and is expected to be completed in the next 18 months,” said Klein.
The financing was arranged by Jonathan Zilber and Joel Chetner of Walker & Dunlop.
Azorim North America operates as a subsidiary of Israel-based developer Azorim. In addition to Mizora at Ridge Hill, the company has another transit-oriented development underway on Hudson Street in Yonkers with 250 units. Another project planned by Azorim North America includes a proposed 672-unit development at 143 Woodworth Avenue near the Metro North station. This follows their practice of providing shuttles for residents to local train stations.
The Westchester County multifamily market has experienced significant growth in recent years. However, developers have expressed concerns about increasing competition and potential concessions due to the rising number of new units being introduced into the market.
