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North White Plains TOD project closes on construction financing
The $178.0 million development will add 296 mixed-income apartments and includes 30 units designated as affordable housing.
New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said the first project under the state’s Housing Acceleration Fund has closed on construction financing. The project is North White Plains, a mixed-use, transit-oriented development in Westchester County across from the North White Plains Metro-North Station, ConnectCRE reported.
The $178.0 million development will include 296 mixed-income apartments, retail, and publicly accessible open space. It will also designate 30 apartments as affordable housing.
ConnectCRE said the Housing Acceleration Fund provides self-sustaining loans to shovel-ready housing projects. Visnauskas said the approach uses low-cost financing to jumpstart construction of new apartments for families, seniors, and young adults.
Funding for North White Plains totals $178.0 million and includes $120.6 million from Merchants Capital, $18.0 million from the Housing Acceleration Fund, $10.0 million from The Community Preservation Corporation, and $29.7 million in equity from Basis Investment Group and BRP Companies. The project, developed by BRP Companies, will offer studios, one-bedroom, and two-bedroom residences.