Image courtesy of Hudson Meridian Construction Group
A large apartment complex planned for the area next to New Haven’s Winchester Works biotech hub will be managed by Paredim Communities after its parent firm, local developer Paredim Partners, joined the project as an investor.
New York City developer Ironburgh Properties secured city permits for a 398-unit complex at 201 Munson St. in New Haven in 2019. However, the project remained stuck as financing for the contaminated site proved elusive until earlier this week. ACORE Capital and Sculptor Real Estate granted a construction loan to the project after New York City’s Hudson Meridian Construction Group and Paredim Partners joined the ownership group. The financing was arranged by Tessera Partners and Capital & Venture Resources, Hudson Meridian said.
Upon the project’s completion, Paredim Communities will both run leasing and property management, Hudson Meridian announced this week.
“Paredim has been an active investor and manager of multifamily communities throughout New Haven since 2003, and we are so excited to be part of delivering this best-in-class community in one of New Haven’s most vibrant and fastest-growing neighborhoods,” Paredim Managing Director David Parisier said in a statement.
The 201 Munson project will contain 90 studios, and 208 1-bedroom units, 78 2-bedroom units and 22 3-bedroom townhome-style units. Amenities will include a separate clubhouse and fitness center building, a large roof deck and an outdoor lounge along with living/workspaces in some of the townhome units.
The project sits beside a growing life science and multifamily cluster in the former Winchester gun factory in New Haven’s Science Park neighborhood. Winchester Works developers themselves recently received city approvals to add nearly 300 apartments to their property.
“We are excited to contribute to the excellent progress being made in the redevelopment of Science Park area with the development of this great new amenity-rich apartment community to meet the growing demand for young urban professionals to live, work, and enjoy the lifestyle in New Haven,” Bill Cote, CEO of Hudson Meridian, said in a statement. “201 Munson presented a unique set of development challenges that required a skilled execution team and a committed group of investors over the 3-year predevelopment period. We are grateful to our partners, the Lin and Chin families who remained steadfast in their commitment to seeing this project developed to serve the surrounding neighborhood.”
