Civitas Capital Group Breaks Ground on Live-Work-Play Multifamily Development in New York

Downtown New Rochelle project targeted at active, young professionals

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Sep 05, 2017, 14:07 ET

NEW ROCHELLE, N.Y., Sept. 5, 2017 /PRNewswire/ -- Civitas Capital Group ("Civitas"), 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 groundbreaking, left to right: Phil Watkins, Principal from Megalith Capital Management; Dr. Samuel Taller, investor from East & Hudson, Anup Misra, co-founder and CEO of East & Hudson; Sam Sidhu, Principal and CEO from Megalith Capital Management; Noam Bramson, Mayor of New Rochelle; Charles B. Strome III, New Rochelle City Manager; and Barry Fertel, New Rochelle City Councilman.

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."

About Civitas Capital Group
The Civitas Capital Group family of companies provides a range of products and services for institutional investors, family offices, and qualified individuals. Through its affiliates, the firm offers investment strategies to people interested in investing in the EB-5 Program for immigration purposes or in the U.S. real estate market through our Alternative Investment division. For more information, please visit civitascapital.com.

About Megalith Capital Management
Megalith Capital Management is a real estate owner and developer focused on investments in New York City. The firm's integrated platform specializes in the acquisition, repositioning, development, and management of residential, commercial, and mixed-use properties.

About East & Hudson Real Estate
East & Hudson develops and manages technologically smart, green/sustainable, market-rate, right-sized, transit-oriented apartment communities for young professionals in the tristate region.

This press release does not constitute an offer or solicitation with respect to the purchase or sale of any security in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation. Past performance is not necessarily indicative of future results.

SOURCE Civitas Capital Group