JLL arranges $135M in equity and construction financing for a Westchester apartment development – The Ibex at Ridge Hill

• Developed by Saber-Hightower and Rafferty Real Estate, The Ibex will be located at the heart of Ridge Hill’s shopping, dining and entertainment district.
• The 17-story development will bring 282 luxury rental residences and 20,000 square feet of amenities to Ridge Hill in Westchester County.

NEW YORK, Oct. 27, 2026 – JLL Capital Markets announced today that it has arranged $135 million in construction financing and joint venture equity for the development of The Ibex at Ridge Hill, a 282-unit luxury multifamily community at the Ridge Hill mixed-use lifestyle center in Yonkers, New York.

JLL arranged the senior construction loan with Bank OZK and the LP equity investment from Eagle Realty Group, LLC on behalf of the development team led by Saber-Hightower and Rafferty Real Estate.

Saber-Hightower acquired Parcel K at 22 Lembo Dr. in Ridge Hill earlier this month to develop a 17-story property on the site. The Ibex will comprise 254 market-rate apartments and 28 affordable units, as well as 5,000 square feet of ground-floor retail. The property will utilize an existing adjacent parking structure with 423 dedicated resident parking spaces.

“This is an important milestone for our development team and for our vision of creating a best-in-class residential community at Ridge Hill,” said Martin Berger, Managing Principal and Co-Founder of Saber-Hightower. “We appreciate the work of the entire JLL Capital Markets team in navigating the capital raising process and bringing together Bank OZK and Eagle Realty Group. Their understanding of multifamily capital markets was instrumental in putting the right capital structure in place for this project.”

The JLL Capital Markets team representing the sponsor was led by Senior Managing Directors Evan Pariser and Aaron Niedermayer and Director John Lowe.

“Equity capital remains highly selective, particularly for ground-up development, so investors are looking closely at basis, location, product, sponsorship and their ability to execute,” said Pariser. “The Ibex checked those boxes, and we were able to structure a capital stack that positions the project well as it moves into construction.”

Located directly adjacent to a Whole Foods Market, the property is also within walking distance of Ridge Hill’s extensive dining, shopping, fitness and entertainment offerings. Situated at one of the higher elevations in Westchester County, the property will offer panoramic views that include the Manhattan skyline, Hudson River and Grassy Sprain Reservoir.

The Ibex will offer residents access to approximately 20,000 square feet of amenities, including a fitness center, resort-style pool area, yoga studio, residential and co-working lounges, rooftop deck and a signature 17th-floor sky lounge with indoor and outdoor spaces.

The site also provides access to I-87, the Sprain Brook Parkway and other major roadways, while the Bronxville and Tuckahoe Metro-North stations provide direct rail service to Manhattan.

Callahan Construction Managers is serving as construction manager for the project, which was designed by Beyer Blinder Belle and ESG | Architecture & Design.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources visit JLL’s newsroom.

Saber-Hightower LLC is a full-service real estate development, investment, and advisory firm headquartered in Briarcliff Manor, New York. Saber-Hightower brings decades of experience and over $3 billion in completed developments nationwide, with a focus on multifamily, retail, mixed-use and hospitality. The firm has a proven track record of navigating complex approvals and unlocking value through ground-up development. Its principals bring unmatched market access and a reputation built on trust, execution, and long-term relationships. For more information, visit www.saberht.com

Rafferty Real Estate pursues value-add and opportunistic multifamily investments, pairing development and operational expertise with a flexible capital structure. Based in New York City, it is part of Rafferty Holdings, which has founded, scaled and operated businesses across financial services, asset management, technology and real estate since 1987, investing its own capital on a long-term horizon. Rafferty Real Estate is currently overseeing $400 million of active development and value-add projects. For more information, visit www.raffertyholdings.com/real-estate

Eagle Realty Group, a member of Western & Southern Financial Group, is a real estate capital provider and asset management company based in Cincinnati, Ohio. Eagle oversees a diverse real estate debt and equity portfolio on behalf of the member companies of Western & Southern. Visit www.westernsouthern.com/eagle

Bank OZK (Nasdaq: OZK), through its Real Estate Specialties Group (RESG), provides financing on commercial real estate projects throughout the nation. RESG is considered a preeminent, market-leading construction lender focused on senior secured financing for a variety of property types including mixed use, multifamily housing, condominiums, office, hospitality, life sciences, industrial, cold storage, self-storage and retail. For the five years ended September 30, 2026, RESG originated approximately $38.09 billion in new loans. For more information, visit ozk.com