Enhanced Capital’s Impact Real Estate group and Capital Plus Financial are excited to announce their participation in helping to revitalize downtown New Rochelle, NY, with developer Allstate Ventures. Enhanced Capital and Capital Plus Financial helped finance this project, which is a brownfield site cleanup, and construction of mixed-income apartments. In the development’s first phase, Allstate will construct a 16-story, 168,000 square-foot tower, including 144 market-rate apartments, public green space, a rooftop deck, parking, and a small retail space at 64 Centre Avenue. During its second phase, Allstate will build 65 affordable apartments at 8 Westchester Place.

Construction of the mixed-income apartments is underway to help support the local economy and community. Allstate voluntarily entered the Department of Environmental Conservation’s Brownfield Cleanup Program (BCP) to participate in brownfield remediation and create safer conditions for the environment and community after discovering prior contaminants. All contamination, including underground storage tanks, heavy metals, and solvents in the soil and groundwater, has now been safely eliminated.

With a shortage of nearly 7 million affordable homes across the US, New York accounts for about 9% of that deficit, requiring approximately 609,225 affordable and available rental units in the state to help meet the need.^{1, 2} The New Rochelle community stands to benefit tremendously from this new development which is located in an opportunity zone and a middle census tract. As of 2021, the census tract reported a 19.5% poverty rate, 73.6% minority resident makeup, and a 94.5% median family income of an estimated $80,832 per year.³

Enhanced Capital and Capital Plus Financial have partnered to deliver measurable impact through investments that support small businesses and projects in underserved and underfunded communities on a national basis. Capital Plus Financial leverages Enhanced Capital’s investing experience to originate, underwrite, and execute loans, enabling Capital Plus Financial to expand on its work of providing fully restored housing to low- and moderate-income families.

1. “The Problem.” National Low Income Housing Coalition, https://nlihc.org/explore-issues/why-we-care/problem.
2.  “New York.” National Low Income Housing Coalition, https://reports.nlihc.org/gap/2019/ny.
3. “Geocoding System.” Federal Financial Institutions Examination Council (FFIEC), https://geomap.ffiec.gov/FFIECGeocMap/GeocodeMap1.aspx.