JLL Capital Markets arranged $198.5 million in financing for Ridge Hill, a 1.2-million-square-foot, open-air lifestyle destination located at 1 Ridge Hill Blvd. in Yonkers, NY. Senior managing directors Aaron Niedermayer, Kellogg Gaines and Evan Pariser worked on behalf of the borrower, a joint venture of Taconic Partners, Nuveen Real Estate, Jamestown and a public pension plan, to secure the loan.
Blackstone Real Estate Debt Strategies provided the financing, proceeds of which will be used to retire existing debt and fund future leasing activity. The same JLL team arranged acquisition financing in 2022.
Considered a valued Westchester asset, Ridge Hill was developed in 2011 and features a wide variety of local and national retailers. “The refinancing with Blackstone underscores the sponsor’s vision and enduring appeal of Ridge Hill,” said Niedermayer. “The property’s high-quality tenancy, prime location and established reputation as Westchester’s leading open-air retail destination made this a compelling transaction.”
The post JLL Arranges $199M Refi on Open-Air Center in Yonkers appeared first on Connect CRE.