Success Stories

When Pastor David Holder planted New York Covenant Church (“New York Covenant”) he had a vision for a church that served the whole community of New Rochelle, New York. In 2004 NCP helped New York Covenant to purchase a 44,000 square-foot building that had previously been an REI retail store. The facility, located on Main Street in the heart of downtown New Rochelle, was ideally situated to support the mission of New York Covenant. In their new space, the church created a welcoming worship area, as well as setting up a recording studio, a fitness center, a furniture rehabilitation program, and a hydroponic garden where they grew vegetables to serve at Isaiah’s Room, a ministry of New York Covenant that provided meals and support for those in need.

While all of these ministries were exciting, Pastor David had an even bigger dream. He wanted to leverage the location of the building to help provide affordable housing for New Rochelle. Over a number of years New York Covenant worked with housing developers, trying to find the right plan for redeveloping the property. The goal was to provide a new home for the church as well as create much needed affordable housing in the community.

In 2021 New York Covenant completed the sale of their building to BRP Companies (“BRP”). As part of the transaction, BRP agreed to provide New York Covenant 20,000 square feet of space for their use and to construct 447 residential housing units, of which 119 would be designated as affordable housing. NCP’s real estate services division has been a resource for New York Covenant as they worked through the details of the transaction, and NCP provided financing for the build out of their space.

New York Covenant also realized that as the cost of housing in their community increased, it would be difficult for the next pastor to afford a home there. So, with the help of an NCP loan, the church was able to purchase a parsonage which ensures that when Pastor David transitions to a new call, the next pastor will be able to live in the community.

Pastor David reflected on the long relationship between NCP and New York Covenant: “Our relationship with NCP has truly been a blessing. They have not only demonstrated flexibility in addressing our unique needs, but have also been instrumental in helping us envision the most prudent path forward. Their invaluable support and accountability have guided us through a complex and challenging church development project. We simply could not have succeeded without them.”