Nuveen JV Secures $199M for NYC Retail Center
A Blackstone division issued the note.
The joint venture of Taconic Partners, Nuveen Real Estate, Jamestown and a public pension plan has secured a $198.5 million refinancing loan for the 1.2 million-square-foot Ridge Hill, a retail property in Yonkers, N.Y. Blackstone Real Estate Debt Strategies issued the note, in a transaction arranged by JLL Capital Markets.
Loan proceeds will retire the existing debt on the property, as well as finance future leasing activity.
Previous debt included a $181.3 million non-recourse acquisition loan provided by Heitman in 2022. That year, the joint venture of North American Properties, Taconic Partners and Nuveen Real Estate purchased Ridge Hill from QIC for $220 million.
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In 2024, Jamestown acquired North American Properties and implicitly the firm’s stake in the asset. Jamestown also oversees the property’s management along with the retail leasing activity.
JLL Senior Managing Directors Aaron Niedermayer, Kellogg Gaines and Evan Pariser worked on behalf of the joint venture in the current deal. The same team also arranged the 2022 acquisition loan.
Ridge Hill, up close
Ridge Hill came online in 2011 at 1 Ridge Hill Blvd., some 19 miles north of Midtown Manhattan. The open-air shopping center that occupies a 74-acre site features a tenant roster that includes Apple, Dick’s Sporting Goods, Whole Foods Market, T.J. Maxx, Lowe’s, LEGOLAND Discovery Center, iFly Indoor Skydiving and LA Fitness.
In 2024, the ownership broke ground on the first phase of Ridge Hill’s redevelopment, focusing on reimagining the property’s streetscape and social gathering spaces. The tenant mix was also improved to include more local and New York City-inspired food and beverage concepts as well as popular lifestyle brands.
Plans for the project’s second phase feature the redevelopment of the former Lord & Taylor department store building, vacant since 2021. That structure totals some 88,700 square feet.
Since May 2022, Ridge Hill has seen 679,000 square feet of leasing activity, including a 114,369-square-foot lease with Wayfair, slated to begin serving customers in 2027. Wayfair’s store at the property will be the tenant’s third brick-and-mortar location in the U.S. and is expected to increase the retail center’s foot traffic to a total of 1 million visitors per year.
The retail center is just off Interstate 87, adjacent to Sprain Ridge Park, and the Sprain Lake and St. Andrews golf courses.
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