BRP Companies and its development partners have closed on a $294 million construction loan to complete a new 477-unit rental building in downtown New Rochelle. Located at 500 Main Street, the collection of homes will range from studios up to two-bedroom accommodations including 119 affordable housing units.
The affordable units will be reserved for a mix of household incomes. A total of 20 units will be designated for households earning up to 50 percent Area Median Income (AMI). An additional 99 units will be available to households earning up to 60 percent of AMI.
Residents will have access to approximately 24,000 square feet of amenity spaces including a fitness center, a communal lounge, a pool, an outdoor roof deck, and an on-site parking garage with electric vehicle charging stations and bicycle docks.
“We are thrilled to be celebrating this milestone alongside our project partners as we move one step closer to bringing 500 Main Street to fruition for the New Rochelle community,” said Meredith Marshall, co-founder & managing partner of BRP Companies. “Downtown New Rochelle is experiencing a major revitalization, and we’re proud to play a part in one of the most significant economic development initiatives in the city’s history.
A $200 million construction loan was procured through a combination of both taxable and tax-exempt bonds issued by the New York State Homes and Community Renewal (HCR) Housing Finance Agency, with credit enhancement via an equal amount of proceeds provided by Goldman Sachs and Merchants Bank of Indiana with Wells Fargo serving as the bond underwriter. Additionally, HCR, Goldman Sachs, and Merchants Bank of Indiana provided a $25.4 million participation construction loan. Goldman Sachs will also be providing $40.7 million in equity and $20.7 million in LIHTC equity.
“The State’s investment in 500 Main Street is part of our ongoing efforts to expand the supply of safe and modern housing opportunities and deliver new economic activity to our downtown districts,” said HCR commissioner RuthAnne Visnauskas. “This truly transformative development will benefit the city for decades to come.”
Westchester County provided $5 million in grant funding and Interfaith Dwellings Corporation provided $2.5 million in low-interest rate debt. Permanent financing will be provided by a forward commitment from Merchants Capital via the Fannie Mae MTEB program.
Construction is slated to begin on the project in February 2022.
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New Rochelle and Jersey City are doing things.
Disgusting. The crooked politicians & developers lining their pockets should be ashamed of what they’re doing. Why not report on what’s REALLY going on here? Developers are paying off crooked politicians in new ro to knock down historical buildings & overcrowd a twin that can’t handle the population increase, the burden put on citizens of the tax relief billionaire developers are enjoying, overcrowding of an already defunct school system, the changing of roads to one way by whatever idiot is making that decision, traffic, construction, the list goes on. Don’t come here, it’s a complete mess & we don’t need anymore people.
Sounds like you’re a NIMBY mate. I’ll be telling all my friends about New Rochelle for a possible move.
Shame on all these developers all they see is $$$ signs.
our beautiful new rochelle has gone nyc mad.
Concerned NR Resident: I agree with both Jessica and Heidi. Not only are these developers destroying this town. It’s sad that their destroying all these small towns and lining their pockets. But, I pray that people will wake up and see how horrible of a mess their creating. These towns should not be turned into mini cities that are overcrowded. It will only cause more problems and bring more crime. These are horrible times we’re living in, and these developers are only making it worse. They are destroying this beautiful county of Westchester. They should be ashamed of themselves. You know who you are. Stop thinking you’ve done something great. You really haven’t. You’re only making it worse for everyone! This is a very very sad time for Westchester. A bunch of greedy people have destroyed this county! You all should really be ashamed of yourselves. Shame on YOU ALL!!!!!
Total agreement. New Rochelle was a quiet old charm town. The small shop are closing. It will soon be another Manathan. Which will be unaffordable to the average person. The tax relief is not needed for them. There should be apartment for $1350 studio $1659 1 bdr $1950 for 2bdr. That would show caring. Remember we leave all behind when we die. Only our character and our relationship with God and the impact on the people we meet in our time on earth.