Birmingham's Novu Residential Group has secured $13.1 million in preferred equity for its 308-unit multifamily development in Jacksonville, Florida. The development site is located at 1485 Fouraker Road and spans 15.41 acres. This financing will support the growth of the project and help overcome the capital scarcity for multifamily projects in the Jacksonville market.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $13,100,000
• Address: 1485 Fouraker Road
• Market: Jacksonville
• Asset Type: Development Site
• Acres: 15.41

The preferred equity was secured from an undisclosed real estate investment firm, which has become a long-term strategic partner for Novu Residential Group in this multifamily development. Berkadia facilitated the commitment and played a pivotal role in securing the financing. The team at Berkadia, consisting of Chinmay Bhatt, Cody Kirkpatrick, and Noam Franklin, worked diligently to connect Novu Residential Group with the right partner, enabling the development to move forward successfully.