Raises ~$11.25M of subordinated common equity (Units) to invest indirectly in the ground-up development of Madison 12 Mile, a 234-unit Class A garden-style multifamily community (six 3-story buildings) on a 19.22-acre site in St. Augustine, FL. 97 units (41.5%) are designated affordable under Florida's Live Local Act. Plan: construct, lease up and stabilize, then sell or refinance about 36 months after construction start (Sept 2028 target). Members target an 8% cumulative, non-compounded preferred return, paid monthly for ~3 years from a ~$2.7M offering-funded reserve, plus 70% of residual proceeds after return of capital.