Azorim Secures $69M for Upscale Yonkers Project
The development is the fourth and last phase within a master-planned community.
Image courtesy of Miroza at Ridge Hill
Azorim North America has secured a fixed-rate, interest-only $68.8 million construction loan for the development of Miroza Tower 4, the fourth and final building within the Miroza at Ridge Hill master-planned community in Yonkers, N.Y. Western Alliance Bank provided the note, in a transaction arranged by Walker & Dunlop.
Upon completion, Miroza Tower 4 will feature 174 upscale residential units across 14 floors. Shared amenities will include an indoor pool, basketball court, fitness center and a 248-spot parking garage.
Located at 599 Ridge Hill Blvd., the future Miroza Tower 4 is just off Interstate 87, which connects the area to Midtown Manhattan, some 19 miles southwest. The development is across the road from several retail options, including Whole Foods Market, Lowe’s Home Improvement, Gap, H&M and AT&T, as well as near multiple parks and golf courses.
The Miroza at Ridge Hill master plan comprises three other towers, namely Miroza Tower, Miroza Tower II and III. The 27-story original tower—dubbed Miroza on the Hudson—is at 44 Hudson St., some 10 miles from the other two buildings and the development. Towers II and III are at 667 and 601 Ridge Hill Blvd., each with 180 apartments.
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Walker & Dunlop Senior Managing Director Jonathan Zilber, Senior Director Joel Chetner and Associate Director Mackenzie Kerin led the team that arranged the construction loan on behalf of the developing company. Walker & Dunlop had previously arranged a $145 million financing package for Miroza Towers 2 and 3, in late 2025.
The recent development landscape across NYC
Luxury development across New York City has taken a back seat in terms of visibility over the past couple of months, while Mayor Zohran Mamdani’s New Housing Plan took center stage.
Nevertheless, as of May, multifamily completions across New York City accounted for 2.4 percent of the total stock on a trailing 12-month basis, the same as Boston’s figure across the same timeline, according to a recent Yardi Matrix report. The figure positioned the Big Apple in the second half of the Top 30 metros tracked by the data provider, trailing behind major oversupplied Sun Belt metros, such as Austin, Texas (6.5 percent), Charlotte, N.C. (6.4 percent), Phoenix (4.4 percent) and Raleigh, N.C. (4.1 percent).
