Saber-Hightower, Rafferty Real Estate, and Eagle Realty Group Break Ground on The Ibex at Ridge Hill, a $140 Million Residential Tower in Yonkers

Construction financing has closed for a development planned to include 282 rental units, including 28 affordable units.

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Joint venture closes on land acquisition and Bank OZK construction financing for the 17-story, 282-unit building. First units expected in late 2028.

YONKERS, N.Y.--(BUSINESS WIRE)-- A joint venture of Saber-Hightower, Rafferty Real Estate, and Eagle Realty Group, a subsidiary of Western & Southern Financial Group, has begun construction of The Ibex at Ridge Hill, a 17-story, 282-unit rental building at Ridge Hill, the open-air lifestyle center in Yonkers. Bank OZK is providing construction financing for the $140 million project. The building will include 28 affordable units. First units are expected to be available in late 2028.

The building, designed by Beyer Blinder Belle, will be located directly adjacent to the Whole Foods Market on Ridge Hill’s Main Street. The project will also include 5,000 square feet of ground-floor retail and 423 resident parking spaces within Ridge Hill’s existing garage.

“We are excited to become an important part of this world-class mixed-use center,” said Greg Belew, Managing Principal of Saber-Hightower. “Our residents will have the ability to walk out the door and enjoy a wide variety of dining, shopping, and entertainment options.”

The building will feature 360-degree views of the Hudson River, the New York City skyline and northern Westchester, along with 20,000 square feet of amenities, including a resort-style courtyard swimming pool and lounge on the ground floor and a sky lounge on the 17th floor with indoor and outdoor entertainment areas. Other amenities include a fitness center, yoga studio, a dog park, a golf simulator/game room, a demonstration kitchen, co-working space, and a private dining room.

Saber-Hightower, led by Marty Berger and Greg Belew, formed the partnership with Rafferty Real Estate and Eagle Realty Group to undertake this development. The start of construction caps a 12-year effort by Belew to bring luxury rental housing to Ridge Hill. “I worked with two prior owners of Ridge Hill to make this happen and finally found success working with Jamestown and its partners in the Ridge Hill ownership group,” said Belew. “They have a great vision for the future of the center and have been amazing partners throughout the predevelopment process.” The project was supported by the City of Yonkers, the Yonkers City Council, and the Yonkers Industrial Development Agency.

“We are proud to partner with Saber-Hightower on this project. This development team has been responsible for some of the most iconic buildings in the Westchester and Fairfield County markets, and we have no doubt that The Ibex will be a leader in the luxury market with a great location in one of the best walkable retail lifestyle centers in the region,” said Mike Daly, Managing Director, at Rafferty Real Estate.

About Saber-Hightower LLC

Saber-Hightower LLC is a real estate development and investment firm focused on multifamily and select commercial opportunities in the eastern United States. Based in Briarcliff Manor, N.Y., the firm is led by Marty Berger and Greg Belew, each with more than 30 years of experience in multifamily and commercial real estate. The principals have completed nearly $3 billion in development, including The Mitchell in White Plains and The Smyth in Stamford. The firm also recently began construction on the M7 Lofts in Norwalk, Connecticut.

For more information, visit www.saberht.com

About Rafferty Real Estate LLC

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.

About Eagle Realty Group

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. The company’s financial products include equity joint ventures and mortgage loans for institutional-quality assets ranging from $5 million to $75 million. Property types vary by portfolio and include multifamily, senior housing, hospitality, office, medical office, retail, warehouse, and industrial. As of June 30, 2026, Eagle Realty Group oversees portfolios consisting of over 100 equity investments and 355 mortgage loans, encompassing various types of real estate investments throughout the United States, and total assets under management valued in excess of $11.4 billion.

About Bank OZK

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 June 30, 2026, RESG originated approximately $38.75 billion in new loans. For more information, visit ozk.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20261005405052/en/

Saber-Hightower Media Contact
Greg Belew, Managing Principal, 914-250-0600, greg.belew@saberht.com
Rafferty Real Estate Media Contact
Michael Daly, Managing Director, DalyM@RaffRE.com
WSFG Media Contact
Diane Planck, WSFG Media Relations, 513-629-1511

Source: Saber-Hightower LLC