Real Estate Development
398 Units - Multifamily. $146 million. The Ironburgh Organization (Developer), Hudson Meridian Construction Group (Construction), Olshan (Legal), Lessard Design (Architect), blocHaus (Interior Design)
Jeffrey Chung, as a Principal of The Ironburgh Organization, in partnership with Bill Cote, Founder and CEO of Hudson Meridian Construction Group purchased a 70% interest in the property in April 2019 with the Lin and Chin families as equity partners. The team developed construction plans and received site plan approval by end of 2019 with a construction loan ready early 2020. By end of Q1 2020 Covid had made landfall in the U.S. and our lenders chose to wait before funding any projects. In May 2021 we took an $8 million land loan and bought the remaining 30% interest in the project. In May 2022 we closed on a $121 million construction loan with ACORE as senior lender and Sculptor as mezzanine lender. The site being formerly owned by Winchester Repeating Arms has leaded soil and requires remediation. Remediation will take approximately 6 months and will conclude with the completion of the foundation, which effectively caps the leaded soil underneath the foundation of the property. After that there will be approximately 18 months to complete the construction. Estimated delivery of the building is Spring 2024. The property is zoned for a total of approximately 950 units and has a potential second phase. The unit mix includes 3 bedroom townhouses, 2 bedrooms, 1 bedrooms with dens, 1 bedrooms, studios, and micro units with a market leading amenities package.
Press
Date: Pubication: Article:
Nov. 27, 2019 New Haven Independent Builder Promises Affordable Apartments
Dec. 19, 2019 New Haven Independent Munson St. Complex Cleared For Take-Off
May 31, 2021 New Haven Independent Builders Bail, Cash Out At $15M
May 17, 2022 New Haven Independent Stalled Apt. Plan Gets $78M Cash Infusion
May 25, 2022 The Real Deal Beleaguered New Haven multifamily project coming back to life.
Developer secures $121M loan to build 398 apartments
Entrance of 201 Munson
Courtyard with pool and other outdoor amenities
3 bedroom townhouses lining Munson Street to aid in the transition from a residential neighborhood to the greater density of Science Park
201 Munson Site Map
Winchester Repeating Arms Historic Site Map
Community Outreach and Coordination
201 Munson sits at the intersection of Dixwell and Newhallville wards. Prior to attaining site plan approval with the City Planning Commission, Jeffrey Chung met with each of the wards at their community management team meetings along with residents who attended those meetings on multiple occasions to discuss the project, answer their questions, and address any of their concerns.Â
201 Munson Site Plan Approval
Jeffrey Chung attaining site plan approval from the City Planning Commission in December 2019.
March 21, 2023