BRP Starts $178M NYC-Area Transit-Oriented Project
A combination of public and private financing is funding the mixed-use development.
BRP Cos. has started construction at North White Plains, a $178 million, two-building, 296-unit mixed-use, transit-oriented development in Westchester County, N.Y. The project will include mixed-income apartments, retail, community space and publicly accessible open areas. Located directly across from the North White Plains Metro-North train station, the development is slated for completion in the second quarter of 2029.
North White Plains is the first project to close on financing under the New York State Homes and Community Renewal’s Housing Acceleration Fund program.
Merchants Capital arranged more than $138 million in financing for the project. The firm secured a $120.5 million construction loan from Merchants Bank. The lender also facilitated $18 million from HAF, a revolving loan fund that provides financing for shovel-ready, mixed-income multifamily developments that require additional gap funding.
The HAF launched last year and is expected to generate $1 billion in economic investments throughout New York. For the North White Plains project, HCR will receive its investment back with 3 percent interest when the development is complete. The money is put toward funding other housing projects.
Other financing for North White Plains includes a $10 million investment from The Community Preservation Corp. and $29.7 million in equity from Basis Investment Group and BRP Cos.
Plans unveiled
BRP is building North White Plains on a 2.44-acre parcel with addresses at 20 Haarlem Ave. and 27 Holland Ave.
The six-story building at 20 Haarlem Ave. will have 163 units of housing with retail space, and the second property at 27 Holland Ave. will have 133 units, according to the Westchester County Business Journal. The buildings will have a total of 59 studios, 148 one-bedroom units and 89 two-bedroom units. Five apartments will be for households earning between 50 percent and 60 percent of the area median income and 25 units will be set aside for households earning up to 110 percent of AMI.
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Shared amenities will include a fitness center, a residents’ lounge, coworking spaces, event space, a 1,000-square-foot café on the ground floor, landscaped outdoor courtyards, bike racks and a 383-space parking garage. The property will also have a 15,000-square-foot publicly accessible park with a dog run.
The all-electric development will utilize high-efficiency electric pump systems for heating and cooling, and the parking garage will have electric vehicle charging stations. The project is designed to meet or exceed ENERGY STAR Multifamily New Construction standards and the technical requirements of LEED v4 for Homes Multifamily Midrise.
Residents will be able to take the Harlem line of the Metro-North Railroad directly to Grand Central Terminal in Midtown Manhattan, about 30 miles south of the property. The development will also be close to major highways including Interstate 287 and New York State Route 22.
More Westchester transit-oriented construction
Developers in a nearby New York community are also building a mixed-use, partially affordable, transit-oriented project. Co-developers Hyperion Group and AIP secured $147.5 million in debt and equity financing last month for construction of 2 South Main, a 12-story, 322-unit building in downtown Port Chester.
The capitalization includes an equity investment from Related Fund Management with construction financing provided by Arbor Realty Trust’s Arbor Private Construction lending program. The project is adjacent to the Port Chester Metro-North Station with direct access on the New Haven line to Grand Central Terminal, and less than 8 miles from BRP Cos.’ North White Plains development.
