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New York & Tri-State  + Fairfield/Westchester  + Apartments  | 

White Plains Project is First to Break Ground on NY State’s Housing Acceleration Fund

Construction has begun on North White Plains, a $178-million mixed-income, transit-oriented development that will create 296 new apartments in the city of White Plains. The development, which will feature two six-story buildings, retail space and a publicly accessible park, is the first development to utilize Gov. Kathy Hochul’s Housing Acceleration Fund, a program designed to jumpstart construction of shovel-ready mixed-income housing projects across New York State.

Financing for the development, which closed this past July, includes approximately $120.6 million in construction financing from Merchants Capital, a $10-million loan from The Community Preservation Corporation, $18 million in financing from New York State Homes and Community Renewal and approximately $29.7 million in equity from developers Basis Investment Group and BRP Companies.

Thirty of the complex’s 296 units will be designated as affordable housing. Completion of North White Plains is anticipated for the second quarter of 2029.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 19-plus years’ experience covering the commercial real estate industry and 35-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 11-15 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Development
  • ◦Financing