Merchants Capital Provides $138.5M in Financing for White Plains Multifamily Project

WHITE PLAINS, N.Y. — Merchants Capital has provided $138.5 million in financing for a 296-unit multifamily project in White Plains, located north of New York City. The financing consists of a $120.5 million construction loan from Merchants Bank and an $18 million revolving loan fund from the New York State Homes and Community Renewal’s Housing Acceleration Fund (HAF) program. Known as North White Plains Workforce Transit Hub, the project will comprise two six-story buildings that will house studio, one- and two-bedroom units. Of the 296 residences, 266 will be rented at market rates, and 30 will be reserved for households earning between 50 and 110 percent of the area median income. Amenities will include a fitness center, resident lounge and a coworking/event space, and the development will also feature onsite retail space, a parking garage and a 15,000-square-foot public park. BRP Cos. is leading development of the project, construction of which is underway and expected to be complete in mid-2029.