Arrow Real Estate Advisors arranges $11.75 million land refinance for Yonkers development site

Yonkers, NY Arrow Real Estate Advisors arranged an $11.75 million land refinance on behalf of AMS Acquisitions for Teutonia Hall, a fully entitled mixed-use development site located at 41–65 Buena Vista Ave.

The financing was arranged by Arrow’s Morris Betesh, Alex Bailkin, and Andrew Rosenberg and provided by Israel Discount Bank (IDB). The loan refinances a 1.15-acre development site encompassing 1.13 million buildable s/f and planned for 906 residential units, ground-floor retail space, and structured parking.

Teutonia Hall represents one of the largest entitled multifamily development opportunities in the borough. Since acquiring the property, AMS Acquisitions has completed a rezoning effort that increased the site’s allowable density from 361 units to 906 units, enhancing its development potential. The project is expected to benefit from a PILOT agreement and will include a designated affordable housing component.

Upon completion, the development is planned to feature an extensive amenity package, including a fitness center, yoga studio, coworking spaces, makers space, children’s playroom, screening room, game room, sports simulator, resident lounge, sky lounge, and an outdoor amenity deck with a swimming pool.

“Teutonia Hall represents one of the most significant multifamily development opportunities in Downtown Yonkers, and the successful refinancing reflects both the strength of the sponsorship and lender confidence in the market’s long-term growth trajectory,” said Betesh. “We were pleased to arrange financing with IDB that provides AMS Acquisitions the flexibility to advance this transformative 906-unit project.”

The transaction underscores continued lender appetite for well-positioned residential development opportunities in high-growth suburban markets surrounding New York City. Downtown Yonkers has experienced substantial investment and population growth in recent years, supported by transit accessibility, waterfront redevelopment initiatives, and increasing demand for quality housing options.

Arrow worked closely with AMS Acquisitions and IDB throughout the financing process to structure a solution that recognizes the site’s significant value creation achieved through entitlement and rezoning efforts. The refinancing provides AMS Acquisitions with the capital flexibility necessary as it advances plans for one of the region’s most ambitious multifamily developments.