BRP Companies, Merchants Capital, CPC, Basis Investment Group and New York State Homes and Community Renewal Close $178 Million Financing for North White Plains Transit-Oriented Development

A public-private financing package totaling $178 million has been secured for North White Plains, a 296-unit mixed-income, transit-oriented development in Westchester County, N.Y., the parties announced July 30. The project, developed by BRP Companies and situated at 20 Haarlem Avenue directly across from the North White Plains Metro-North Station, is expected to break ground this summer.

The capital stack includes a $120.6 million construction loan from Merchants Capital, an $18 million low-interest loan from New York State Homes and Community Renewal's Housing Acceleration Fund, a $10 million investment from The Community Preservation Corporation, and $29.7 million in equity from Basis Investment Group and BRP Companies.

Project Program and Affordability Mix

North White Plains will deliver 296 mixed-income apartments — studios, one-bedroom and two-bedroom units — along with approximately 1,000 square feet of ground-floor retail space intended for a grab-and-go coffee shop, a 15,000-square-foot publicly accessible park with a dog run, and a parking garage with 383 spaces.

Thirty of the 296 apartments will be designated as affordable housing. Five of those units are reserved for households earning between 50 and 60 percent of Area Median Income, and 25 units are reserved for households earning up to 110 percent of AMI. The remaining units will be offered at market rate, positioning the asset as both workforce and market-rate housing in a high-demand suburban commuter corridor.

Planned amenities include a fitness center, resident lounge, co-working lounge, event space and landscaped courtyard. The development is walking distance to dining, a pharmacy and other retail.

Capital Stack: Public Gap Financing Unlocks Private Investment

The financing structure illustrates how New York State Homes and Community Renewal's Housing Acceleration Fund is designed to operate. The fund provides revolving, low-interest loans to projects that are ready to begin construction, with the goal of filling financing gaps in mixed-income housing developments. HCR will receive its $18 million investment back at 3 percent interest upon project completion and will redeploy those proceeds into additional housing projects. The program is projected to generate $1 billion in total economic investment across New York communities.

"The Governor's innovative Housing Acceleration Fund is part of New York's all-of-the-above approach to increasing housing supply. By providing low-cost financing for mixed-income housing projects, we are jumpstarting construction of new apartments that will benefit families, seniors, young adults, and those looking for a modern place to live," said HCR Commissioner RuthAnne Visnauskas. "We are thankful to Governor Hochul for her bold vision on creating this cutting-edge program and are grateful to all the North White Plains project partners for bringing nearly 300 new homes to the city of White Plains."

Merchants Capital provided the senior construction loan of $120.6 million. "Merchants Capital is proud to provide the construction financing for North White Plains and to partner with BRP Companies, HCR, and the many public and private stakeholders whose collaboration has made this transformative development possible," said Mark Branigan, Transaction Manager at Merchants Capital. "North White Plains represents the kind of thoughtful, transit-oriented investment that expands access to quality housing while strengthening communities and creating lasting economic opportunity."

The Community Preservation Corporation contributed $10 million through its CPC Building Innovation platform. "North White Plains reflects the type of development that CPC Building Innovation was created to support: housing that meets community needs while delivering long-term environmental and economic benefits," said Sadie McKeown, Head of CPC Building Innovation at The Community Preservation Corporation. "Its all-electric design and high-performance building systems will help improve efficiency, reduce operating costs, and create a more durable community for residents."

Basis Investment Group and BRP Companies together provided $29.7 million in equity. "This project builds on Basis Investment Group's longstanding partnership with BRP Companies and our shared commitment to expanding access to high-quality affordable and workforce housing," said Tammy K. Jones, CEO and Founder of Basis Investment Group. "At a time when the need for housing is especially acute, we are proud to support a project that will deliver meaningful, long-term benefits for residents and the broader community."

Seven Smith, Partner of BRP Companies, said: "North White Plains reflects the future of residential development, creating thoughtfully designed communities that connect people to housing, transit and opportunity. As housing demand continues to grow throughout the region, developments like this play an important role in expanding access to high-quality homes while strengthening surrounding communities."

ESG Design and Sustainability Standards

North White Plains will be all-electric, with no fossil fuel-fired equipment, and will utilize high-efficiency electric heat pump systems for heating and cooling. 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. Electric vehicle charging stations will also be incorporated into the development.

State Housing Policy and Local Context

The North White Plains financing comes as New York State is in the midst of a $25 billion, five-year housing plan targeting the creation or preservation of 100,000 affordable homes statewide, including 10,000 units with support services for vulnerable populations and the electrification of an additional 50,000 homes. More than 81,000 affordable homes have been created or preserved under the plan to date.

The city of White Plains holds certification under New York's Pro-Housing Community Program, which grants certified localities exclusive access to up to $750 million in discretionary state funding. More than 420 communities across New York have received Pro-Housing certification.

Governor Hochul's "Let Them Build" agenda, enacted through the FY 2027 budget, includes reforms to New York's Environmental Quality Review Act intended to expedite categories of projects that have historically been subject to lengthy review delays. The enacted FY27 budget also allocates $250 million in capital funding to accelerate construction of new affordable homes statewide.

Multifamily remains one of the strongest sectors in commercial real estate nationally, supported by persistent demand and continued investor and lender interest. Transit-oriented, mixed-income projects in commuter rail corridors — particularly those with public financing support — have drawn renewed lender appetite as construction lending activity has rebounded. North White Plains, positioned directly opposite a Metro-North commuter station with rail access to Manhattan and regional employment centers, is structured to capitalize on those dynamics.

Sources

The Community Preservation Corporation — North White Plains Secures $178 Million Financing Package