Luxury Multifamily Development in New Haven, CT

Limited Partner Common Equity Interests are offered in a $5,000,000 equity raise for EC 20 Fair LLC, an Epimoni affiliate in 20 Fair Owner LLC (the “Sponsor”), which is the Sponsor of 20 Fair (the “Project”), a fully approved & permitted 168-unit luxury apartment building located in downtown New Haven, Connecticut. This transit-oriented, Class A design is being developed by experienced sponsors with local relationships. New Haven is home to an energized Life Science office market which has been expanding next to Yale New Haven Hospital and Yale Medical School – all located approximately half a mile away. 20 Fair is one of the last multifamily development opportunities approved prior to the City’s adoption of Inclusionary Zoning, ensuring 100% market-rate luxury rentals.

• Transit Oriented Development: Located less than a half mile from New Haven Union Station, a major transit hub.
• Class A Design: Luxury apartment building with designer kitchens, granite countertops, premium cabinetry, stainless steel appliances, and more.
• Experienced Sponsor: Developed by Epimoni and Spinnaker Real Estate Partners, with a proven track record in New Haven, having combined to deliver over 900 units in the last 7 years.
• Proven Sub Market: Located in New Haven’s charming Wooster Square, a desirable neighborhood for professionals from major employers like Yale University, Yale New Haven Hospital, and the thriving Life Sciences sector.
• 100% Market-Rate Apartments: Approved prior to Inclusionary Zoning, ensuring no affordable housing requirements.
• 7-Year Tax Abatement: Benefits from a 7-year tax assessment deferral, enhancing project returns.
• Outsized Returns: Projected LP Return on Equity of 2.95x over a 5-year hold period, with a market beating IRR of 35.4%, and a stabilized development yield over 7.90%.

Darren Seid is the Founder of Epimoni, an award-winning development firm honored at the NYC RED Awards for "Rental Project of the Year" for Olive & Wooster in New Haven, CT. Seid provides vision and direction for all of Epimoni's investment activities, with expertise in deal sourcing, entitlements, capital raising, and development management. He has sourced and arranged the development of 591 units and 9,000 square feet of retail in NY, NJ, & CT, valued at approximately $270 million. Throughout his career, Seid has cumulatively worked on projects valued at over $1 billion, representing over 1,480 residential units, over 76,000 square feet of retail & commercial space, totaling more than 1,650,000 square feet spanning across New York, New Jersey, and Connecticut.

Greg Easton is Chief Investment Officer at Epimoni and owns GM3 Capital, a Real Estate Investment and Advisory company. Easton brings over 16 years of real estate experience, including roles at Kahr Real Estate and KEC Properties, with expertise in market analysis, investor relations, and financial modeling. He holds a Master of Science in Real Estate from New York University.

Aaron Stickney is Project Executive at Epimoni with over 30 years of experience in construction and development. His career includes work on major projects in the New York Metro area across multifamily, commercial, and industrial asset classes. Stickney is known for his expertise in entitlements, contract negotiations, and project management, ensuring projects meet financial goals.

Co-Sponsor

Spinnaker Real Estate Partners is a co-sponsor with a focus on urban in-fill development. They have completed numerous projects in New Haven, including The Audubon and The Anthem, demonstrating their commitment to enhancing communities through innovative and sustainable developments. Halyard Building Company, their construction management firm, will be the General Contractor for 20 Fair.

• Address: 20 Fair Street, New Haven, Connecticut
• Units: 168 apartments (66 studios, 71 one-bedroom, 31 two-bedroom)
• Building Size: 158,000 buildable SF
• Land Size: 1.21 acres (two adjacent parcels)
• Outdoor Space: Over 29,000 SF of outdoor green space (175 SF per unit)
• Parking: Fully secured garage with bike parking, additional surface parking on adjacent lot
• Neighborhood: Wooster Square Neighborhood
• Transit: Less than a half mile to New Haven Union Station, quarter mile to I-91 and I-95 entrance ramps

The business plan for 20 Fair focuses on developing and operating a Class A luxury multifamily building in downtown New Haven. Key elements include:

1. Below Market Land Basis: Sponsor is providing LP Investors the rare opportunity to invest at pre-zoning change land values—unlocking exceptional upside potential, minimizing risk, and maximizing returns. Sponsor locked in land pricing prior to a Zoning change and the delivery of many new multifamily and life science developments.
2. Construction and Stabilization: Commence construction in Q1 2025, with initial occupancy expected in Q3 2026 and stabilization by Q1 2027.
3. Lease-Up Strategy: Lease the 168 luxury apartments, highlighting premium finishes, amenities, and location in Vibrant Neighborhood.
4. Maximize Revenue: Achieve projected rents (Studio: $2,300, 1-Bedroom: $2,900, 2-Bedroom: $4,000) and ancillary income from parking and other residential revenue.
5. Efficient Management: Implement cost-effective property management to optimize Net Operating Income (NOI).
6. Refinance and Hold/Sale: Seek permanent financing upon stabilization and evaluate hold or sale strategy to maximize investor returns. Analysis done on a 5-year business plan, but the Sponsor will have flexibility on sale date to seek the best timing in the market.
7. Tax Abatement: Leverage the 7-year tax abatement to enhance cash flow in the initial years of operation.

New Haven, Connecticut, presents a strong multifamily market driven by:

• Strong Economy: Anchored by "Eds and Meds," including Yale University and Yale New Haven Hospital, major employers providing stable, high-wage jobs.
• Life Science and Biotech Hub: Growing bioscience sector with significant development nearby, attracting a well-educated workforce.
• Robust Transportation Infrastructure: Excellent access via I-91, I-95, Port of New Haven, and New Haven Union Station (Amtrak, Metro-North).
• Cultural Hub: Rich cultural history, renowned restaurants, and home to Yale University, attracting residents and visitors.
• Population Growth: Second largest city in Connecticut with a growing population of well-educated millennials.
• High Demand for Housing: Limited new multifamily supply in Wooster Square and strong rental demand supports projected rents.

Key Financial Projections for 20 Fair:

• Total Development Cost: Approximately $64 million
• Equity Raise: $5,000,000 Limited Partner Common Equity
• Projected Development Yield: Over 7.90% (Stabilized Year NOI / Total Development Costs)
• Projected Equity Multiple: 2.95x (over 5-year hold)
• Projected Investor Net IRR: 35.4% (over 5-year hold)
• Preferred Return: 10% per year (non-compounding) to Limited Partners
• Promote: 25% after 10% Preferred Return, 50% after 3x Equity Multiple to LPs
• Hold Period: 5 Years

Sources and Uses of Funds (Approximate):

20 Fair is ideally located in the Wooster Square neighborhood of New Haven, offering:

• Vibrant Neighborhood: Historic "Little Italy" with Italian-American culture, renowned pizzerias (Sally's, Frank Pepe), and Wooster Square Park.
• Proximity to Yale: Near Yale University, Yale New Haven Hospital, and Yale Medical School, driving demand and providing employment.
• Bio Science Cluster: Located near a growing bioscience hub, with over 1.5 million SF of bioscience space in development.
• Transit Accessibility: Walking distance to New Haven Union Station (Amtrak, Metro-North), providing access to major Northeast cities.
• Fair Street Greenway: Adjacent to the Fair Street Greenway, offering green space and pedestrian connectivity.
• Cultural Amenities: Close to New Haven's vibrant cultural scene, including theaters, museums, and restaurants.
• Pizza Capital of the United States: In 2024 United States Congress officially named New Haven as the Pizza Capital of the United States. Those pizza places got their start on Wooster Street, 100 feet away from 20 Fair.

Investing in 20 Fair presents a compelling opportunity due to:

• Experienced Sponsors: Epimoni and Spinnaker Real Estate Partners bring a proven track record and local expertise.
• High-Growth Market: New Haven's strong economy, driven by "Eds and Meds" and a growing biotech sector, ensures robust rental demand.
• Class A Asset: Luxury apartments with premium amenities in a desirable Wooster Square location.
• Tax Benefits: 7-year tax abatement significantly enhances project returns in early years.
• Attractive Returns: Projected Equity Multiple of 2.95x and a market beating IRR of 35.4% over a 5-year hold offer strong potential for investor returns.
• Limited Supply: Development approved before Inclusionary Zoning provides a competitive advantage in a supply-constrained market.
• Transit-Oriented Location: Proximity to major transportation hubs enhances resident appeal and long-term value.
• Below Market Land Basis Locked: Sponsor locked in land pricing prior to a Zoning change and the delivery of many new multifamily and life science developments.

• General Contractor – Halyard
• Architect – Beinfield Architecture
• Mechanical Engineer – KEA
• Structural Engineer – Alliance
• Civil Engineer – Langan
• Geotechnical – Down to Earth
• Environmental – GZA
• Zoning, Land Use, & Local Counsel – Shipman & Goodwin
• Landscape Architecture – ERLA

• Shovel Ready: Construction has already begun. This offering represents last dollar in prior to closing the construction loan in Q1 2025.
• Efficient Timeline: Demolition is complete, site work package has begun, efficiently moving prior to loan closing.
• Financial Certainty: Construction Loan term sheet is signed.
• Refinance Q1 2027: Projected to stabilize and refinance in early 2027.
• Distributions: Sponsor will make distributions once Project is stabilized and for the remaining term of the hold period.
• Sale Flexibility: This is designed as a 5-year hold period, though Sponsor could elect to sell earlier or later as market conditions dictate.