The final stage of development at Miroza at Ridge Hill is moving ahead after Azorim North America secured a $68.75 million construction loan to build Miroza Tower 4, the master-planned community’s fourth residential building. The fixed-rate, interest-only financing was provided by Western Alliance Bank, in a transaction arranged by the commercial real estate finance and advisory firm Walker & Dunlop.
Jonathan Zilber, senior managing director of Capital Markets Real Estate Finance at Walker & Dunlop, says the firm’s confidence in the project stemmed from its longstanding relationship with Azorim, whose Yonkers developments are marketed under the Miroza brand—a name derived from Azorim spelled backward. Azorim North America is the U.S. subsidiary of Israel-based Azorim, one of the country’s largest residential developers.
“We’ve known and worked with the ownership team for quite some time; this is not our first project together. That’s given us a front row view into the vision and execution they have, making it easy to understand and have confidence in the Tower 4 project,” Zilber says.
Inside the Residential Tower
The all-rental residential tower will feature 174 units in a 14-story building, along with 248 parking spaces and shared amenities including an indoor swimming pool, basketball court, and fitness center—as well as a screening room and indoor children’s playroom. Located directly across from the Ridge Hill shopping center, the apartment tower is just about 19 miles from Midtown Manhattan. Zilber says the project reflects the company’s long-term commitment to Yonkers.
“It continues to fulfill the demand for much-needed high-quality rental housing throughout the region, while still giving residents a more reasonable alternative to some of the higher cost metros nearby,” he says. “This will further cement Yonkers as a city that is poised for continued growth and that offers an unmatched lifestyle and quality of life.”
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