Merchants Capital secures $138 million for 296-unit mixed-use development

White Plains, NY Merchants Capital secured $138.5 million in financing for North White Plains Workforce Transit Hub, a mixed-use community developed by BRP Companies, with 296 residences, retail and community space located in a fast-growing transit corridor in Westchester County. It is the first project to close on financing under New York State Homes and Community Renewal’s (HCR) Housing Acceleration Fund (HAF) program.

Merchants Capital secured a $120.5 million construction loan provided by Merchants Bank for North White Plains and facilitated $18 million from the HAF, a revolving loan fund that provides financing for shovel-ready mixed-income multifamily developments requiring additional gap funding.

“As an approved lender and one of the first awardees of the Housing Acceleration Fund, Merchants Capital is proud to be part of an initiative aggressively focused on increasing affordable housing supply and finding ways to overcome potential hurdles in bringing such housing to fruition,” said Mark Branigan, transaction manager at Merchants Capital. “North White Plains is poised to support the community in a multi-faceted way.” 

North White Plains will comprise two six-story buildings with studio, one and two-bedroom apartments, with five homes restricted to households earning between 50% and 60% area median income (AMI) and 25 homes restricted to households earning up to 110% AMI. Two hundred sixty-six units will be rented at market rate. The development will comply with LEED Silver certification and New York State Energy Star standards, supporting long-term environmental performance and operational efficiency.

“Governor Hochul’s innovative Housing Acceleration Fund is part of New York’s all-of-the-above approach to increasing housing supply,” said HCR commissioner RuthAnne Visnauskas.“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. We are thankful to the governor 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.”

“North White Plains reflects the future of residential development, creating thoughtfully designed communities that connect people to housing, transit and opportunity,” said Steven Smith, partner of BRP Companies. “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, and we are grateful to all of our financing partners for helping bring this vision to life.”

An innovator in developing mixed-use, mixed-income, walkable urban housing with high-quality and energy efficient properties, BRP Companies manages an over $6.7 billion portfolio with more than 7,400 units of multifamily housing and 16.9 million s/f of planned, current and completed development.

North White Plains will support community interaction and activity throughout its walkable grounds. The development will include a fitness center, resident lounge, co-working and event space, with 1,000 s/f of ground floor retail space to house a coffee shop, a 15,000 s/f public park and two-level parking garage.

Construction began in July 2026 and is expected to be completed in Q2 2029.