New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas has announced that the first project to advance under the state’s Housing Acceleration Fund has closed on its construction financing. The development, called North White Plains, is a $178 million mixed-use, transit-oriented project in Westchester County situated directly across from the North White Plains Metro-North Station.
The Housing Acceleration Fund, launched last year, is designed to provide self-sustaining loans to shovel-ready housing projects. By extending low-cost financing to qualified developments, the program aims to accelerate the delivery of new housing in locations that can support higher-density residential growth. North White Plains is the initial project to reach a construction financing close through this funding vehicle.
North White Plains will deliver 296 mixed-income apartment units along with on-site retail space and publicly accessible open space. The residential program is planned to include a mix of studio, one-bedroom, and two-bedroom residences. Of the total apartments, 30 units are designated as affordable housing, adding income-restricted inventory to the area’s multifamily stock.
Visnauskas noted that the Housing Acceleration Fund’s low-cost financing structure is intended to jumpstart development of new apartments serving a range of residents, including families, seniors, and young adults seeking modern housing options. The emphasis on mixed-income programming is a core component of the initiative’s approach to expanding supply while maintaining affordability.
The project’s capital stack combines multiple debt and equity sources. The construction financing package includes $120.6 million from Merchants Capital, $18 million from the Housing Acceleration Fund, and $10 million from The Community Preservation Corporation. On the equity side, the deal is capitalized with $29.7 million from Basis Investment Group and BRP Companies.
BRP Companies is the project’s developer and is leading execution of the North White Plains plan. Located directly opposite a Metro-North commuter rail station, the development is structured as a transit-oriented community, integrating multifamily housing with retail uses and public open space in a walkable environment. The combination of public-sector loan support, private debt, and institutional equity underscores how the Housing Acceleration Fund is being deployed alongside traditional capital sources to advance mixed-income multifamily projects.
