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AMS Acquisitions has obtained construction financing to advance its next Sylvan Woods-branded active adult community in Yorktown, NY. The company secured a $50.5 million construction loan for a new 55+ multifamily development planned at 800 E. Main St., with proceeds designated for a ground-up project on the site.
The construction financing was provided by OceanFirst Bank N.A., which is serving as the lender on the transaction. Arrow Real Estate Advisors arranged the loan, with founder and managing partner Morris Betesh, SVP Alex Bailkin and analyst Andrew Rosenberg leading the assignment.
The Yorktown project represents the fourth property in AMS Acquisitions’ Sylvan Woods active adult portfolio. Plans call for the redevelopment of a former office building into a four-story community designed for residents aged 55 and older. The conversion will create a 217,194-gross-square-foot residential property, reflecting a shift in use from traditional office space to age-restricted multifamily housing.
Upon completion, the development is expected to comprise 180 one- and two-bedroom units. The program is intended to serve downsizing residents seeking an active adult lifestyle within a purpose-built residential environment, rather than in a conventional office setting adapted only minimally to residential use.
Construction work on the project is underway, with delivery targeted for the second half of 2027. The schedule positions the community to enter the market over a multi-year horizon, aligning with AMS Acquisitions’ ongoing rollout of the Sylvan Woods brand.
Describing the project, Ari Mitnick, director of acquisitions for AMS, noted that the Yorktown location offers a combination of a quiet, tucked-away setting and access to nearby conveniences. Mitnick characterized the planned community as providing a resort-like lifestyle experience for downsizers in Westchester County and the broader surrounding region.
The financing, reuse of an existing office site and brand expansion underscore AMS Acquisitions’ continued investment in the 55+ active adult segment, while OceanFirst Bank N.A.’s role as lender highlights continuing bank participation in construction lending for age-restricted multifamily projects.
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