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Housing Acceleration Fund project in North White Plains secures financing
The $178-million mixed-use development across from the Metro-North station will provide 296 mixed-income apartments, including 30 affordable units.
New York State Homes and Community Renewal (HCR) Commissioner RuthAnne Visnauskas announced that the first project under the Housing Acceleration Fund, launched last year, has closed on construction financing.
The project, North White Plains, is a $178-million mixed-use, transit-oriented development in Westchester County directly across from the North White Plains Metro-North Station. It is set to include 296 mixed-income apartments, retail space, and publicly accessible open space.
The fund provides self-sustaining loans to shovel-ready housing projects, according to HCR. Visnauskas said low-cost financing is intended to jumpstart construction of new apartments that can benefit families, seniors, young adults, and others looking for a modern place to live.
Funding includes $120.6 million from Merchants Capital, $18 million from the Housing Acceleration Fund, $10 million from the Community Preservation Corporation, and $29.7 million in equity from Basis Investment Group and BRP Companies. North White Plains will be developed by BRP Companies, with studios, one-bedroom, and two-bedroom residences, and 30 apartments designated as affordable housing.