White Plains Project is First to Break Ground on NY State’s Housing Acceleration Fund
Construction has begun on North White Plains, a $178-million mixed-income, transit-oriented development that will create 296 new apartments in the city of White Plains. The development, which will feature two six-story buildings, retail space and a publicly accessible park, is the first development to utilize Gov. Kathy Hochul’s Housing Acceleration Fund, a program designed to jumpstart construction of shovel-ready mixed-income housing projects across New York State.
Financing for the development, which closed this past July, includes approximately $120.6 million in construction financing from Merchants Capital, a $10-million loan from The Community Preservation Corporation, $18 million in financing from New York State Homes and Community Renewal and approximately $29.7 million in equity from developers Basis Investment Group and BRP Companies.
Thirty of the complex’s 296 units will be designated as affordable housing. Completion of North White Plains is anticipated for the second quarter of 2029.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout