Single-asset ground-up development of a 234-unit Class A multifamily community (six 3-story buildings, about 218,148 sq ft) on 19.218 acres at State Road 16 and Kenton Mountain Road, St. Augustine, Florida. 97 units are planned as affordable under Florida's Live Local Act. Budget $65.8M, with a $32.5M construction loan and $11.7M of JV preferred equity ahead of this Company. Investors receive a 15% cumulative preferred return (10% paid current, 5% accrued) over a three-year hold; the upside is capped.