NEW ROCHELLE, NY - Civitas Capital Group, a leading independent specialty asset management and financial services firm, officially broke ground recently on Printhouse, a 71-unit, six-story multifamily development in downtown New Rochelle, New York. Located just 15 miles from New York City (a 30-minute train ride), Printhouse apartments are positioned to provide active, young professionals with affordable housing and an easy commute to major employment centers.
Printhouse is located within walking distance of numerous dining, entertainment, and retail options, promoting a true live-work-play environment. "Printhouse is a true live, work, play environment," said David Lee, Director of Investments at Civitas. "The developers involved have tremendous experience in just these kinds of projects targeted at young professionals. As well, we leveraged non-traditional tools like an EB-5 loan to enhance investment return on the project."
Printhouse co-developers Megalith Capital Management and East & Hudson Real Estate attended the groundbreaking. Each group brings regional expertise to the project. Megalith is a real estate developer focused on investments in New York City, and have developed approximately 750,000 square feet of luxury condominium and mixed-income multifamily space. E&H is a developer focused on both New York City and southern Westchester County; the firm's principals have developed more than 17,000 multifamily, focusing on sustainable communities near mass transit hubs.
New Rochelle's mayor, Noam Bramson, was also at the groundbreaking ceremony. "This represents one piece of our broader strategy," Bramson said, "to create an economically vibrant walkable downtown that people throughout our region will want to live in, want to shop in, want to work in."