NRP venture breaks ground for New Rochelle apartment development

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A joint venture led by national multifamily developer The NRP
Group has broken ground for a new 179-unit workforce housing development in New
Rochelle.

The $97 million Renaissance at Lincoln Park development will
include a Boys & Girls Club facility and 350 parking spaces for residents,
community members, and park-goers.

New Rochelle Mayor Noam Bramson praised the vision of the
development partners, who include local non-profit Guion Renaissance Housing
Development Finance Corporation (HDFC), Kensworth Consulting, the Boys and
Girls Club of New Rochelle and The City of New Rochell.

Financing for the project is being provided by New York
State Homes & Community Renewal, which provided $48 million of tax exempt
bonds issued by its Housing Finance Agency. Red Stone Equity Partners provided
tax credit equity syndication with Bank of New York Mellon as the investor and
letter of credit provider. The developer also provided equity for the project
with additional support from the Interfaith Development Corporation and the Westchester
County Housing Infrastructure Fund.

“This groundbreaking is a special one,” said Jonathan
Gertman, Vice President of Development at The NRP Group. “In a time of incredible
uncertainty, we were able to push through in partnership, and make the dream of
this project a reality. The Renaissance at Lincoln Park was born out of a
community driven vision and we are honored to be a part of bringing it to
fruition. It is our sincerest hope that this project will be a home for
generations of the New Rochelle community to live, grow, and thrive.”

Kenneth Plummer, CEO of Kensworth Consulting, added,  “As a community-minded developer, I’m confident that this project will set the standard for inclusive, community-centered development and power the sustainable growth of cities across the nation.”

GF55 Partners is the architect for the project which will
see the old Remington Boys & Girls Club on the site demolished and replaced
with a larger, modern 21,000 s/f facility, the 11-story apartment building and five-story
parking garage.

All 179 apartments would be offered as affordable housing to
tenants whose incomes range from 30 percent to 80 percent of the area median
income.

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