Ironburgh Organization, an affiliate of Hudson Meridian Construction Group, has secured financing for its 398-unit development at 201 Munson St. in New Haven, Conn. Tessera Partners and Capital & Venture Resources arranged the mortgage on behalf of the developer, which also brought on a new development partner for the project—Paredim Partners.
ACORE Capital funded a $78 million construction loan, according to New Haven Independent, and Sculptor Real Estate also provided funds for the development. Upon completion, Paredim’s in-house management division is set to lease and manage the community.
The six-story community will encompass studio, one- and two-bedroom floorplans, as well as three-bedroom townhome units with extra live-work spaces. Community amenities will include a clubhouse, fitness center, roof deck with dining and grilling areas and an outdoor swimming pool with cabanas.
A revitalized neighborhood
Located on the site of the former Olin Corp.—a manufacturing site that has sat vacant for several years—the community will be less than 1.5 miles away from the city center and within 2 miles of major employment hubs, such as Yale New Haven Health hospital and Yale New Haven Hospital Saint Raphael Campus. The 201 Monson St. development is expected to contribute to the revitalization of the neighborhood and the redevelopment of the Science Park area.
Paredim Partners has been active in the New Haven market. Just at the end of last month, the company acquired the 194-unit The Taft Apartments. Paredim plans to improve the design and amenity package and transform the property into a premier boutique community.
You must be logged in to post a comment.