Hudson Meridian Construction Group and Paredim Partners are working in partnership to complete a 398-unit residential property at 201 Munson Street, a former manufacturing site in New Haven, Connecticut. The mix of units will include 90 studios, 308 one-bedrooms, 78 two-bedrooms, and 22 three-bedroom townhome-style units. Select units will offer private outdoor space.
Located in the city’s Science Park neighborhood near the Yale campus, the development site previously supported an industrial facility operated by Olin Corp, a global manufacturer of volatile chemical products and ammunition. While the developers have not specified the level of remediation necessary to permit construction of the new building, the project is poised to accelerate the neighborhood’s transformation into an area suitable for market-rate residential living.
“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,” said CEO of Hudson Meridian Bill Cote. “201 Munson presented a unique set of development challenges that required a skilled execution team and a committed group of investors over the three-year predevelopment period.”
Amenity spaces will include a clubhouse with a fitness center, lounge, and relaxation areas, a recreational roof deck with several grilling and dining areas, and an outdoor pool with cabanas and amble seating.
Rendering of outdoor amenity spaces at 201 Munson Street in New Haven, Connecticut – Hudson Meridian Construction Group; Paredim Partners
Rendering of 201 Munson Street in New Haven, Connecticut – Hudson Meridian Construction Group; Paredim Partners
Hudson Meridian Construction Group and Paredim Partners recently secured $120 million in construction financing to fund the project. ACORE Capital provided an $80 million senior loan and Sculptor Capital Management loaned $40.9 million in mezzanine financing. The financial packages were arranged by Tessera Partners and Capital & Venture Resources.
Paredim Communities, a division of Paredim Partners, will oversee initial leasing and serve as property manager for the new building. The team has not announced monthly rental fees, an anticipated completion date, nor if any rent concessions will be offered upon debut.
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