rails console hangs in production environment

I have postgresql setup for my production schema in database.yml. I was able to successfully run RAILS_ENV=production rake db:migrate but when I do do RAILS_ENV=production rails console, it hangs. Never gives me the console prompt.

I've also tried bundle exec rails console production but didn't help.

Output:

Connecting to database specified by database.yml ...hangs after this.

Running rails 3.2.11 on ruby 2.1.2. I have rbenv and rbenv-gemsets installed.