Merchants Capital Secures $138M+ for 296-Unit Mixed-Use Development in White Plains, New York

Merchants Capital has secured more than $138 million in financing for North White Plains Workforce Transit Hub, a mixed-use community developed by BRP Companies in Westchester County, N.Y. The project will deliver 296 residences alongside retail and community space in a fast-growing transit corridor. The financing matters because it represents the first project to close under New York State Homes and Community Renewal's Housing Acceleration Fund program, signaling how public gap funding can combine with private construction lending to advance mixed-income housing in high-cost suburban markets.

The capital stack includes a $120.5 million construction loan provided by Merchants Bank and $18 million facilitated from the Housing Acceleration Fund, a revolving loan fund that provides financing for shovel-ready mixed-income multifamily developments requiring additional gap funding. The development will comprise two six-story buildings with studio, one- and two-bedroom apartments. Five homes will be restricted to households earning between 50% and 60% of area median income, 25 homes will be restricted to households earning up to 110% AMI, and 266 units will be rented at market rate. The project will comply with LEED Silver certification and New York State Energy Star standards. Construction began in July 2026 and is expected to be completed in Q2 2029.

The evidence comes from a single full-text announcement published by Yield PRO on September 3, 2026. The source includes statements from Mark Branigan, Transaction Manager at Merchants Capital, who described the initiative as "aggressively focused on increasing affordable housing supply and finding ways to overcome potential hurdles." HCR Commissioner RuthAnne Visnauskas framed the Housing Acceleration Fund as part of "New York's all-of-the-above approach to increasing housing supply," noting that low-cost financing can "jumpstart construction of new apartments." Steven Smith, Partner of BRP Companies, said the development "reflects the future of residential development, creating thoughtfully designed communities that connect people to housing, transit and opportunity." The source also states BRP Companies manages an over $6.7 billion portfolio with more than 7,400 units of multifamily housing and 16.9 million square feet of planned, current and completed development.

The transaction carries several market implications. First, it demonstrates how agency-licensed lenders such as Merchants Capital, which holds licenses with Fannie Mae, Freddie Mac and HUD, can pair balance-sheet construction lending with state revolving loan funds to close financing gaps. Second, the project's unit mix—where roughly 90% of units are market rate and about 10% are income-restricted—illustrates a workforce housing model that relies on modest affordability set-asides rather than deep subsidy. Third, the inclusion of 1,000 square feet of ground-floor retail, a 15,000 square foot public park, a fitness center, resident lounge, co-working space and a two-level parking garage signals an emphasis on walkable, amenity-rich development near transit. The location in a fast-growing Westchester County transit corridor further supports the thesis that suburban infill near rail infrastructure is attracting institutional capital.

Several limitations and unknowns remain. The dossier is based on a single secondary source, and no independent corroboration of the financing terms, unit counts, or timeline is available. The source does not specify the total development cost, the interest rate or term of the construction loan, the exact affordability covenant duration, or the retail lease status. It also does not clarify whether the $18 million HAF allocation is a loan, grant, or forgivable instrument, nor does it provide detail on the project's expected rents or projected returns. The completion target of Q2 2029 is stated but not independently verified. Future reporting should watch for confirmation of the HAF closing from New York State HCR, construction progress milestones, and any changes to the affordability mix or financing structure.