Partnership Group Lands Financing to Begin Mixed Use Construction
BRP Companies, the Urban Investment Group within Goldman Sachs Asset Management (Goldman Sachs), New York State Homes and Community Renewal, Westchester County, Interfaith Dwellings Corporation, Merchants Bank of Indiana, Wells Fargo, and Fannie Mae announced they have landed $294 million in construction financing for a 477-unit, mixed-use development located in Downtown, New Rochelle, NY.
Construction is slated to begin on the project in the first quarter of 2022. Upon completion, 500 Main Street will have 477 residential units ranging in size from studios to two-bedroom homes. 119 of the 477 homes will be affordable, with 20 units available to residents earning up to 50% of the area median income, AMI, and an additional 99 units available to residents earning up to 60% of AMI.
“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 and Managing Partner of BRP Companies.
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