Blackstone Real Estate Debt Strategies provided the financing, the proceeds of which will be used to retire existing debt and fund future leasing activity.
“Over the past two years, it has been an extraordinary privilege to serve this remarkable association and its dedicated members. Together, we have made significant strides to strengthen HGAR’s foundation and prepare it for the future…”
Thank you to the following Members who are leading the way in the 2025 RPAC campaign
Blackstone Real Estate Debt Strategies provided the financing, the proceeds of which will be used to retire existing debt and fund future leasing activity.
YONKERS—The ownership of the 1.2-million-square-foot Ridge Hill shopping center here has secured a $198.5-million refinancing deal with Blackstone Real Estate Debt Strategies.
The transaction was announced on Oct. 23 by JLL Capital Markets, which 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, the proceeds of which will be used to retire existing debt and fund future leasing activity.
Ridge Hill was developed in 2011 and features a wide variety of local and national retailers, including Apple, Dick’s Sporting Goods, Whole Foods Market, T.J. Maxx and Lowe’s. The center is also home to LEGOLAND Discovery Center, a 12-screen National Amusements Showcase Cinema de Lux, iFly Indoor Skydiving, LA Fitness and several full-service restaurants.
The sponsors have completed 679,000 square feet of leasing activity since acquiring the property in May 2022, including both new leases and renewals, further cementing Ridge Hill’s position as one of the premier open-air shopping centers in the New York metro area. Notable leasing activity includes a 114,369-square-foot lease with Wayfair, set to open in early 2027. Ridge Hill will be Wayfair’s third brick-and-mortar store in the country and is expected to increase foot traffic by an estimated one million visitors per year.
Dick’s Sporting Goods also expanded its footprint from 50,000 square feet to 76,000 square feet and remodeled the space as a Next-Generation Dick’s Store. Completed capital projects include a 17,000-square-foot family-friendly activity zone, situated on the north end of the property that opened in October 2024, and an expanded Town Square, a 25,000-square-foot community hub seamlessly blending an upgraded plaza with surrounding retailers and restaurants through pedestrian-friendly crosswalks.
The JLL Capital Markets team representing the borrower included Senior Managing Directors Aaron Niedermayer, Kellogg Gaines and Evan Pariser. This same JLL team originated the acquisition loan for Ridge Hill in 2022.
“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.”
In May 2022, Real Estate In-Depth reported that the Ridge Hill Shopping Center had been sold to a partnership of Nuveen Real Estate, Taconic Partners and North American Properties for $220 million. The new ownership stated at the time of purchase that it intended to rebrand the property into an outdoor lifestyle center as well as “unlock the full development potential of the site.”
The property was sold by QIC Real Estate, which acquired interest in the mixed-use complex off the New York State Thruway in 2016 and 2017 from Forests City Realty Trust. The 2017 transaction included the remaining Forest City Realty ownership of Ridge Hill, as part of a 10-property portfolio deal on behalf of a QIC client. Forest City developed Ridge Hill shopping center for approximately $600 million.
The sale of the Ridge Hill Shopping Center did not include the Monarch at Ridge Hill condominium development.
“Over the past two years, it has been an extraordinary privilege to serve this remarkable association and its dedicated members. Together, we have made significant strides to strengthen HGAR’s foundation and prepare it for the future…”
Built in 2016, Quarry Place features 61 one- and 47 two-bedroom units with condo-quality finishes and an average unit size of 977 square feet.
The Armory was designated as a New York City Landmark in 1974 and placed on the National Register for Historic Places list in 1982.
As inventory inches up and prices continue to rise, more households are being locked out of homeownership and pushed into rental markets that cannot keep up.
Receive original business news about real estate and the REALTORS® who serve the lower Hudson Valley, delivered straight to your inbox. No credit card required.
