One River Development brings more than 25 years of experience on both sides of affordable housing — as a developer and as a tax credit investor — in Chicago, New Orleans, New York, Boston, Philadelphia, Washington, DC and Durham.
Start a conversation →Financial rigor and human impact aren't in tension. They're inseparable.
The strongest financial outcomes come from developments that genuinely serve the people who live in them. That belief guides how we structure every deal, from the first feasibility model to long-term operations.
Affordable housing rarely comes together with a single source of capital. Having worked as both a developer and an investor, we know how tax credit investors, lenders and public agencies evaluate a transaction — and we use that perspective to assemble layered financing, secure public approvals and carry projects from sourcing through stabilization.
New construction, adaptive reuse and the redevelopment of public housing, financed through the full range of affordable housing capital.
Leading projects from sourcing and feasibility through design, construction, lease-up and stabilization.
Structuring and closing the capital stack that makes affordability work.
Working alongside housing authorities, cities, nonprofits, lenders and investors to deliver shared goals.
Development and investment work across seven markets, from post-Katrina New Orleans to public housing redevelopment in Durham and Brooklyn.
New-construction senior apartments on South Duke Street, co-developed by Laurel Street Residential and the Durham Housing Authority as part of DHA's downtown redevelopment, with support from the City of Durham. Named for Joyce Thorpe Nichols, Durham's first African American physician assistant and a pioneer of tenants' rights.
A mixed-income community built with Gulf Coast Housing Partnership and LDG Development on nearly five vacant acres in historic Central City, as part of New Orleans' rebuilding after Hurricane Katrina. It was the first LEED-certified apartment community in Louisiana.
Originated, underwrote and closed Low-Income Housing Tax Credit investments as Vice President of Acquisitions at Richman Housing Resources and Director of Acquisitions at Raymond James.
Public housing redevelopment with Kalel Companies and Dantes Partners: the NYCHA PACT conversion and substantial rehabilitation of two Brooklyn campuses, carried out with residents in place and financed with Freddie Mac and HDC debt, city subsidy and Historic Tax Credit equity. The team has also proposed 333 new Passive House homes on the sites.
Noel brings a people-first approach to housing finance and development. His work is grounded in a belief that financial rigor and human impact are inseparable: the strongest financial outcomes come from developments that genuinely serve the residents who live in them.
Over more than two decades, Noel has played a pivotal role in syndicating more than $500 million in tax credit investments and developing thousands of affordable and mixed-income homes. As Development Director at Laurel Street Residential, he led the company's Research Triangle pipeline in Durham, including a co-developer partnership with the Durham Housing Authority. Earlier, at Raymond James and Richman Housing Resources, he originated and closed LIHTC investments across New York City, Boston, Philadelphia and Washington, DC.
His career began at the National Equity Fund and Michaels Development Company in Chicago, followed by a formative term with Gulf Coast Housing Partnership in New Orleans rebuilding after Hurricane Katrina — an experience that shaped his lifelong commitment to housing that helps families recover, rebuild and thrive. Most recently, he was a Partner and Principal at Kalel Companies, leading financial strategy and operations for affordable housing in the New York area.
Noel holds a Master's in Urban Planning and Policy from the University of Illinois at Chicago and a Bachelor of Arts, summa cum laude, from Carleton College.