JLL Capital Markets has secured $198.5 million in financing for Ridge Hill, a 1.2-million-square-foot open-air retail and entertainment complex in Yonkers, Westchester County. The financing was arranged on behalf of the borrower, a joint venture comprising Taconic Partners, Nuveen Real Estate, Jamestown, and a public pension plan. Blackstone Real Estate Debt Strategies provided the loan, which will be used to retire existing debt and support future leasing initiatives.
Originally developed in 2011, Ridge Hill features a mix of national and local retailers including Apple, Whole Foods Market, Dick’s Sporting Goods, Lowe’s, and T.J. Maxx. Since the sponsors acquired the property in May 2022, they have completed 679,000 square feet of leasing activity. This includes a 114,369-square-foot lease with Wayfair.
Recent capital improvements at Ridge Hill include a 17,000-square-foot activity zone completed in October 2024 and an expanded 25,000-square-foot Town Square.
“The refinancing with Blackstone underscores the Sponsor’s vision and enduring appeal of Ridge Hill,” said Aaron Niedermayer, senior managing partner at JLL. “The property’s high-quality tenancy, prime location and established reputation as Westchester’s leading open-air retail destination made this a compelling transaction.”
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