After years of building out its Ridge Hill campus, Azorim has locked in roughly $69 million in construction financing to complete the fourth and final tower at Miroza at Ridge Hill in Yonkers. The deal clears the way for a 14-story, 174-unit rental building just off I-87, a quick commute to Manhattan, and sets up one more wave of apartments and shared amenities for the Ridge Hill neighborhood.
According to CRE Market Beat, Walker & Dunlop arranged a roughly $68.75 million, fixed-rate, interest-only construction loan from Western Alliance Bank for what is known as Miroza Tower 4. The arranging team of Jonathan Zilber, Joel Chetner and Mackenzie Kerin lined up the debt to fund ground-up work on the last phase of the Ridge Hill master plan.
The Real Deal reports the new financing supports construction at 599 Ridge Hill Boulevard and that this final phase includes roughly 248 parking spaces. The outlet also notes Azorim closed a $145 million refinancing package in fall 2025 for two other towers in the complex. Once the fourth tower joins the existing buildings, the full Miroza development is expected to total about 520 apartments across four buildings.
Resort-Style Amenity Core For Hundreds Of Renters
Marketing materials and industry coverage describe the four towers as tied together by an amenity center of roughly 25,000 square feet, giving the campus a kind of private-resort core. The space includes an indoor pool, basketball court, movie screening room and even a running track. Commercial Observer has also highlighted a shuttle service to the Yonkers Metro-North station, a perk Azorim leans on when pitching the property. That mix of transit access and shared amenities has helped the complex command rents above local averages, according to the developer.
Why Banks Are Still Writing Big Checks Here
In a market where a lot of construction lending has frozen up, capital markets players say the Ridge Hill deal shows banks are still selectively backing what they see as strong multifamily sponsors with solid public support. CRE Market Beat notes Walker & Dunlop leaned on the project’s payment-in-lieu-of-taxes (PILOT) agreement and market-rate bond structure to secure favorable terms from Western Alliance Bank. The Real Deal quoted Zilber saying the team’s long familiarity with Azorim helped deliver “a highly competitive financing solution.”
Azorim is not stopping at Ridge Hill. The firm also has a 250-unit, transit-oriented development planned on Hudson Street and a larger, approved project for two 32-story towers totaling 672 units at 143 Woodworth Avenue, a pairing that underscores why developers keep betting on Westchester’s close-in, transit-served pockets. Yonkers planning documents lay out the scope of the Woodworth proposal, while Commercial Observer has framed Ridge Hill and the rest of Azorim’s Yonkers pipeline as part of a broader bet on the area’s commuter rail corridors.
