Bank OZK is leading a $135 million construction loan for a new apartment building in Yonkers, according to Commercial Observer, which first reported the financing.
The loan backs a ground-up multifamily project in Yonkers, a Westchester County market that has drawn steady residential construction investment as the city's downtown rezoning continues to open sites near the Metro-North waterfront corridor. Commercial Observer's report did not name the borrower's general contractor or list the unit count tied to the financing amount.
Westchester County's own public works bid board has been active this fall — Greenburgh's lead service line identification work and other county infrastructure postings show the broader public pipeline in the same county — but this Yonkers deal is private financing, not a public contract, and carries no bid requirement or M/WBE goal.
A $135 million construction loan on a single multifamily building signals the project is sizable — likely several hundred units once vertical construction starts — which means a general contractor has not yet been picked, or has been picked but not announced, and subcontractor outreach for excavation, foundations, and structural trades is likely still ahead.
Yonkers requires a building permit from its Department of Housing and Buildings before any vertical work begins, and the city posts active permit applications publicly. Westchester County's own prevailing wage schedules apply to any public-adjacent financing but not automatically to private market-rate construction, so subs should confirm wage terms directly with whichever GC is ultimately named.
What to do next
If you're a Westchester-area sub in excavation, concrete, or structural trades, this is a lead worth tracking, not yet a lead worth bidding. Watch the Yonkers Department of Housing and Buildings' permit portal for a building permit tied to this site over the next 60 to 90 days — that filing will name the GC and give you a real point of contact.
Construction lenders don't fund $135 million without a GMP contract already in hand, so a general contractor exists now even though it hasn't been named publicly. Reach out to Bank OZK's construction lending desk or the site's ownership entity (findable once the permit posts) rather than waiting for a formal bid invitation.