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New York's Related Capital Funding $25M Jacksonville Apartments

ORLANDO-The Carlisle Group of Coconut Grove, FL has broken ground on Lenox Court, a planned 360-unit, 15-building affordable housing project on 26 acres in West Jacksonville, FL, 230 miles north of Downtown Orlando.

By Alex Finkelstein | Updated on April 03, 2002

ORLANDO-Spotting a niche in Florida’s multifamily market, New York-based Related Capital Co. plans to invest almost $200 million this year, funding 10 affordable housing projects scheduled for development by the Carlisle Group of Coconut Grove, FL, a Miami suburb.

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.

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