Image courtesy of Winchester Partners

New Haven’s latest large multifamily project is set to break ground after receiving financing from KeyBank, according to a mortgage filed with the city clerk’s office.

Winchester Partners, a joint venture of New York City-based Twining Properties and national developer LMXD, announced the loan for its $90 million Winchester Green building last week.

“New Haven is experiencing a resurgence of investment and inclusive revitalization,” Jake Pine, the project’s senior director at LMXD, said in a statement. “We are thrilled that Winchester Green will be part of this mixed-income, mixed-use vision, and we deeply appreciate that our institutional and financial partners share the commitment to make this project happen.”

The $48.99 million loan is the latest move in the Ohio-based lender’s campaign to ramp up its presence in Connecticut.

“KeyBank is excited to be a part of Winchester Partners’ investment and commitment to build stable mixed income housing that serves all in the community,” KeyBank Senior Vice President Eric Steinberg said in a statement. “Our team is committed to financing projects which provide neighborhoods greater access to affordable housing and spurs local economic activity.”

The Winchester Green development is the latest phase in the redevelopment of the former Winchester firearms factory complex north of downtown New Haven and near Yale University’s Science Park research and academic complex. The mixed-use development includes life science space, retail and multifamily units in a mix of new construction and adaptive reuse. At completion, Winchester Center could include over 1,000 apartments, and 500,000 square feet of lab space.

Winchester Green itself will have 283 apartments, 57 of which are to be reserved for households earning an average 50 percent of area median income, along with roughly 12,800 square feet of retail space in a new building that replaces a parking lot on-site.

The substantial amount of affordable housing – over 20 percent of the total unit count – meant the building’s capital stack includes $10.5 million tax-exempt loan from the city housing authority and Low Income Housing Tax Credits, plus a $5 million state Urban Act Grant for two new private roads and a public park adjacent to the site. Winchester Green is expected to open in early 2026, with the infrastructure project expected to be complete at the end of 2025.

The capital team for Winchester Partners is led by the Urban Investment Group within Goldman Sachs Asset Management as the major investment partner and tax credit investor.