David Steinmetz and Kate Roberts Feinman successfully represented the developer of the residential towers within the Ridge Hill residential development in Yonkers, New York on a complex $145 million refinance transaction with an institutional lender.

David and Kate began work on this matter in early July and were able to efficiently close on September 15th. This case was particularly complicated as it involved two sister borrower entities whose respective properties were subject to separate mortgages from two different lenders.

Z&S was able to coordinate the assignment of these mortgages to borrowers’ new lender and terminate the remaining loan documents with both previous lenders, as well as coordinate with the Yonkers Industrial Development Agency (IDA) to ensure that the existing PILOT on Tower 3 remained in place.

The Z&S team meticulously reviewed and negotiated loan documents with the new lender, and resolved complex title and survey issues for a property that involved multiple tax parcels.