MF1, Mavik Capital Team Up on $130M Connecticut Multifamily Recap

A joint venture between Hudson Meridian Construction Group and Paredim Partners has secured a $110 million senior loan and $20 million in preferred equity as part of its recapitalization of Axis 201, a 398-unit luxury multifamily property just west of Yale University in New Haven, Conn., Commercial Observer has learned. 

Mavik Capital Management provided the preferred equity investment, while MF1 provided the senior loan to recapitalize the project. 

MF1’s $110 million loan was used to refinance the ground-up construction loan, the firm said.

“MF1 has found continued success in providing lease-up financing solutions for newly delivered, Class A properties for experienced sponsors nationwide,” a firm spokesperson said in a statement. 

Axis 201 opened in 2024 at 201 Munson Street in the Science Park neighborhood of New Haven. — just steps from the neighborhood’s Prospect Hill Historic District and the heart of Yale’s campus. 

Featuring nearly 400 units across six stories in a townhouse-style layout, the rental building features studio to three-bedroom apartments and numerous amenities, including a fitness center, an open-air pool, outdoor communal kitchens, collective work spaces, fire pits, a golf simulator, a private yoga studio, a conference room, a dog spa, and concierge services. 

Axis 201 took several years to reach completion as the project wrestled with ownership changes and construction delays. Planning alone stretched over three years as Hudson Meridian Construction Group acquired the project from former owners Double A Development Partners, a Denver-based team that bought the land for the project prior to 2018, according to the weekly New Haven Independent. 

Hudson Meridian and Paredim Partners took control of the project in 2022. The group secured $120 million in construction financing to build the project. With Acore Capital providing an $80 million senior loan and Sculptor Capital Management adding $40.9 million in mezzanine financing, according to New York Yimby.  

Mavik Capital Management declined to comment on the recapitalization. 

Hudson Meridian Construction Group and Paredim Partners did not respond to requests for  comment. 

Brian Pascus can be reached at bpascus@commercialobserver.com