Extell scores $185M refi on 1,400-apartment Yonkers luxury development

Gary Barnett secured refinancing for the first phase of his Hudson Piers project that he’s betting will help turn Yonkers into New York City’s next residential frontier. NewBridge Lending and Meridian Capital provided Extell Development with $185 million to refinance the first phase of the 1,400-unit luxury development, replacing a commercial loan from Wells Fargo and a mezzanine loan. The first phase comprises two seven-story, mixed-use buildings known as Piers 3 and 4, located at 45 and 55 Riverside Drive, with 369 luxury apartments, ground-floor retail, and parking. Pier 3 has already finished construction and is currently leasing apartments starting […]

This article originally appeared on The Real Deal. Click here to read the full story.