Walker & Dunlop arranged a $68.75-million construction loan to finance the development of Miroza Tower 4, a luxury multifamily tower to be built in Yonkers, NY. The Walker & Dunlop Capital Markets Real Estate Finance team led by Jonathan Zilber, Joel Chetner and Mackenzie Kerin arranged the fixed-rate, interest-only construction loan provided by Western Alliance Bank on behalf of developer Azorim North America.
Miroza Tower 4 will be a 14-story, 174-unit luxury Class A apartment tower with 248 parking spaces. The building represents the fourth and final phase of the Miroza at Ridge Hill master-planned development. Walker & Dunlop previously arranged $145 million in financing for Miroza Towers 2 and 3.
“Best-in-class sponsors continue to attract best-in-class capital, and banks are once again competing aggressively for high-quality multifamily opportunities,” said Zilber. “Despite ongoing market headwinds, our deep familiarity with the sponsorship and ability to optimize the project’s PILOT and market-rate bond structure enabled us to deliver a highly competitive financing solution.”
The post Walker & Dunlop Arranges Loan for Final Phase of Yonkers Master-Planned Project appeared first on Connect CRE.