HUDSON MERIDIAN CONSTRUCTION GROUP AND PAREDIM PARTNERS EMBARK ON 398-UNIT DEVELOPMENT IN NEW HAVEN'S SCIENCE PARK

NEW YORK and NEW HAVEN, Conn., May 25, 2022 /PRNewswire/ -- An affiliate of Hudson Meridian Construction Group, a premier builder and developer of residential and commercial properties in the Northeastern United States, is pleased to announce that it has obtained construction financing from ACORE Capital and Sculptor Real Estate to fund the development of a 6-story, 398-unit multifamily community at 201 Munson Street in the growing Science Park section of New Haven. The financing was arranged by Tessera Partners and Capital & Venture Resources. Hudson Meridian also announced that New Haven investor Paredim Partners LLC has joined the Munson development partnership and the firm's Paredim Communities division will conduct the leasing and management activities upon completion.  This truly extraordinary community will offer a flexible unit mix including 90 studios, and 208 1-bedroom units, 78 2-bedroom units and 22 3-bedroom townhome-style units.  Select homes will contain additional "live/work" spaces and many layouts will have outdoor spaces.  The project will also feature a richly styled, best-in-class amenity offering, including state of the art clubhouse and fitness center building, sprawling recreational roof deck with several grilling and dining areas, a variety of lounge areas and an outdoor pool with a luxe sun deck and cabana area.

Situated adjacent to the popular Farmington Canal Heritage Trail and Yale Science Park's main commercial corridor, this urban infill project will occupy the site of the former Olin Corp.  This former manufacturing site had degraded to a seriously contaminated eyesore after sitting vacant for many years.  This exceptional residential project will also contribute to the neighborhood's revitalization and ongoing Science Park redevelopment that has become home to numerous global leaders in the biotech and technology companies, Yale University and not-for-profit organizations serving New Haven communities.

Bill Cote, CEO of Hudson Meridian, said "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. 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 see this project developed to serve the surrounding neighborhood." 

David Parisier, Managing Director of Paredim Partners, said "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 of one of New Haven's most vibrant and fastest-growing neighborhoods."

Hudson Meridian Construction Group, based in New York City, is one of the tri-state region's top construction firms and has received numerous awards for its work in both the private and public sectors.  Since its formation in 2002, HMCG has completed over $5 billion of construction for clients ranging from institutional property investors to healthcare, educational, religious, and not-for-profit organizations. 

Paredim Partners LLC, based in Elmsford, NY, is a leading regional owner/operator of multifamily apartment communities, having acquired, repositioned, or developed over 3,000 apartment units in Connecticut since 2002.  Paredim Communities, Paredim's in-house management organization, provides key market, leasing, and operational expertise for the company's real estate portfolio. 

SOURCE Hudson Meridian Construction Group; Paredim Partners