Acore Capital Supplies $145M Refi for Yonkers Apartments

Azorim North America has nabbed a $145 million debt package to refinance a newly completed multifamily asset in Yonkers, N.Y., Commercial Observer can first report.

Acore Capital provided the three-year senior loan and mezzanine financing for Azorim North America’s 364-unit, two-building Miroza at Ridge Hill complex. Azorim North America, a subsidiary of Israeli-based development firm Azorim, finished the project’s first apartment tower in 2021 and second tower in 2024.

“The Miroza at Ridge Hill deal exemplifies one of Acore’s core investment theses: targeting high-quality multifamily properties in markets with strong surrounding demographics,” Eric Ramirez, managing director and head of Eastern region originations at Acore Capital, said in a statement. 

Located at 601-607 Ridge Hill Boulevard, 17 miles north of Midtown Manhattan, the property consists of two 14-story buildings, each with 180 units. Community amenities include an indoor swimming pool, a hot tub, a sauna, locker rooms, a fitness center with track, an indoor basketball court, a children’s playroom, a movie screening room and an outdoor patio with a grilling area.

Jack Klein, chief operating officer at Azorim North America, said a third tower at the complex with 74 apartments just commenced, and is expected to be complete in approximately 18 months. He said the Miroza at Ridge Hill project, which has shuttle buses to the Yonkers Metro North train station coupled with another 250-unit transit-oriented Hudson 44 development at 44 Hudson Street, underscores the firm’s confidence when investing in Yonkers. 

“It’s the third-largest city in New York state and has always been on the map, but there’s a lot of activity that has happened over the last several years,” Klein told CO. “The city is really a partner with us as a developer.”’

Klein noted that Azorim has also recently purchased another property zoned for 232 rental units at 143 Woodworth Avenue that, similar to Hudson 44, is also steps from the Yonkers train station.  Both projects are also less than a half a mile from Lionsgate Great Point Studios, which has seen expansion in recent years and is another demand driver for multifamily in Yonkers. 

Walker & Dunlop arranged the financing with a team composed of Jonathan Zilber and Joel Chetner.

“With a unique deal structure that was complex to navigate, we were able to arrange financing that is accretive to sponsorship and sets them up for success as they continue to expand in Yonkers,” Zilber, senior managing director of capital markets at W&D, said in a statement. 

Andrew Coen can be reached at acoen@commercialobserver.com.