In its newest venture, Related is loaning Carlisle $24.8 million in two funding packages for the development of Lenox Court, a planned 360-unit, 15-building undertaking on 26 acres in West Jacksonville, FL, 230 miles north of Downtown Orlando.

The complex broke ground April 1 and is scheduled for completion in fall 2003. Related is giving Carlisle $12 million in equity for tax credits that will be generated by the property. Another $12.8 million in permanent financing will come from PW Funding, a Related-sponsored firm specializing in multifamily financings.

Lenox Court is believed to be the first new construction of affordable housing in west Jacksonville in 20 years, according to Related managing director Marc D. Schnitzer. In a prepared statement, Schnitzer says he is confident the project will benefit Related, Carlisle and the community because West Jacksonville "boasts low multifamily vacancy rates with virtually no new construction in years, or planned."