NRP Group JV Opens NYC-Area Affordable Community

This project's development costs neared $100 million.

Property at 117 Guion Place, New Rochelle, N.Y.
NRP Group representatives and city officials attended the ribbon-cutting ceremony. Image courtesy of The NRP Group

A joint venture between The NRP Group and Forward Thinkers Development has opened The Renaissance at Lincoln Park, a 179-unit affordable housing community in New Rochelle, N.Y. Architecture firm GF55 provided the designs.

Financing for the nearly $100 million project comprised $48.5 million in tax-exempt bonds issued by The New York State Housing Finance Agency with Bank of New York Mellon as trustee, Yardi Matrix data shows. Funds also included a $27.7 million construction loan from the same bank, as well as a $2.3 million note from Washington House Housing Development Fund Corp.

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The community broke ground in 2020. It rises 11 stories and includes studio, one- and two-bedroom floorplans ranging from 508 to 865 square feet. Apartments cater to households earning at 37, 47, 57 and 80 percent of the area median income.

Amenities comprise a community room, fitness center, bike room and game room. The property also includes a 22,000-square-foot youth facility owned and operated by the Boys & Girls Club of New Rochelle, which can accommodate more than 700 children and teens.

Located at 117 Guion Place, The Renaissance is less than 1 mile from Interstate 95 and near the city center. The community is within walking distance of Lincoln Park and the New Rochelle train station. It is also adjacent to Montefiore New Rochelle Hospital.

NRP Group’s Healthy Housing initiative

This development marks the fourth installment within NRP’s Healthy Housing initiative, a program created to facilitate partnerships with nonprofits and health-care providers. The previous one was The Davis—a 52-unit affordable housing community in Cleveland—which opened last year.

NRP debuted the Healthy Housing initiative with Residences at Career Gateway, a 58-unit affordable community in Columbus, Ohio. Under the same program, the firm inaugurated Via Sana, a 72-unit property in Cleveland in 2022.

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