Zarin & Steinmetz Successfully Closes $92 Million Construction Loan and IDA Financing for New Yonkers Multi-Family Project

Kate (Roberts) Feinman, along with David Steinmetz, led the transactional team at Zarin & Steinmetz in closing a complex $92 million construction loan package, in conjunction with a lease-leaseback with the Yonkers Industrial Development Agency (IDA), for Miroza Tower LLC. This marks a pivotal milestone for the multi-family project currently under construction at 44 Hudson Street in Yonkers, which includes on-site parking, various amenities, 25 affordable housing units, and a commercial space on the ground floor.

Z&S has represented Miroza Tower since 2021, securing necessary approvals from the City of Yonkers Planning Board and Zoning Board of Appeals. In 2023, Z&S obtained preliminary approvals from the Yonkers IDA, allowing its client to commence construction with sales tax exemptions on its construction purchases. Simultaneously with the Closing of the $92M Construction Loan, Z&S secured additional sales tax exemption benefits, a mortgage recording tax exemption related to the Construction Loan, and a PILOT Agreement for the project from the IDA. The financing received will cover various aspects of the development, from foundation work to the eventual completion of the Miroza Tower.

This achievement highlights Zarin & Steinmetz’s proficiency in obtaining required entitlements approvals, and then seamlessly coordinating IDA closings in conjunction with securing construction financing. The integration of these two critical components of development projects ensures a smooth transition into the development phase, minimizing delays and optimizing resource allocation and taking advantage of available government incentives.

The Miroza Tower multi-family project is expected to contribute significantly to the economic growth and urban development of Yonkers.

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