Berkadia Secures Over $13 Million in Preferred Equity for Proposed Apartment Community in Florida
JACKSONVILLE, Fla. – December 13, 2023 – Berkadia announced today that it arranged the equity on behalf of Novu Residential Group for a new multifamily development, a 308-unit, eight-building, garden-style, elevator-served apartment community located in Jacksonville, Florida. Cody Kirkpatrick, Noam Franklin, and Chinmay Bhatt of Berkadia JV Equity & Structured Capital sourced $13.1 million in preferred equity for the proposed project. Ground breaking commenced in November.
Berkadia arranged the equity from an experienced real estate investment firm that has a primary focus on ground-up development.
“We were excited to assist Novu Residential Group on continuing its growth in the multifamily development arena in the Southeast. Given Novu’s institutional pedigree and deep experience, we were confident this opportunity would attract an institutional equity partner,” said Kirkpatrick. “Having recently moved to Jacksonville, I was confident the project’s location would merit interest from the equity world, and we were glad to get this across the finish line during a challenging time in the market,” said Bhatt.
“In today’s capital environment, it was imperative to partner with a team that could execute through the headwinds. The Berkadia team did an outstanding job sourcing a capital group that had a strong foundation, was proven, and will be a long-term strategic partner for Novu Residential as we continue to grow,” said Patrick Jackson, CEO of Novu Residential Group.
Located at 1485 Fouraker Road, the community will be built on a 15.41-acre site. The project will be located off Normandy Boulevard, just west of I-295, and within a short distance of major employment centers including Amazon, Boeing, and Wayfair. The project will offer first-class finishes in the unit interiors, resort-style amenities, and a full complement of outdoor living and recreation areas. The community sits adjacent to established retail, is walking distance to Publix and Winn-Dixie anchored shopping centers, offers quick access to I-295 and I-10, and is a short commute to downtown Jacksonville and area beaches.
Berkadia Secures Preferred Equity for Novu Project | Multi-Housing News