BRP Lands $178M for White Plains Development
The project will break ground later this summer.
BRP Cos. has secured a $178.3 million financing package for the development of North White Plains, a 296-unit mixed-use project in Westchester County, N.Y. The financing consists of a $120.6 million loan from Merchants Capital, an $18 million loan from New York State Homes and Community Renewal’s Housing Acceleration Fund, a $10 million investment from The Community Preservation Corp. and $29.7 million in equity from Basis Investment Group and BRP Cos.
Construction on North White Plains is scheduled to begin later this summer. Once the project is delivered, the New York Homes and Community Renewal will receive its investment with a 3-percent interest, which will be invested into other housing projects.
A closer look at North White Plains
North White Plains will feature units with studio, one- and two-bedroom layouts. Out of the total number of residences, 30 apartments will be designated as affordable housing, with five of them reserved for households earning between 50 and 60 percent of area median income, and the other 25 for households earning up to 110 percent of AMI. The development will also feature retail spaces and a 15,000-square-foot public park.
Shared amenities will include a fitness center, a residents’ lounge, coworking spaces, a 1,000-square-foot café on the ground floor and a 383-spot parking garage. The all-electric project will also have fossil fuel-fire equipment, aiming to achieve a LEED v4 for Homes Multifamily Midrise certification.
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The development will take shape directly across from the North White Plains metro station, where the Harlem train connects the area to Midtown Manhattan, some 30 miles south. It will also be close to Interstate 287 and New York State Route 22.
Another noteworthy mixed-income development project in New York with state-level backing is the 980-unit Orion, in Queens. A partnership consisting of Slate Property Group, The Hudson Cos. and Volunteers of America-Greater New York won a Request for Proposals issued by the New York City Department of Housing Preservation and Development to advance the project, with construction expected to commence in the next 24 to 48 months.
