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Alluvium Partners to Bring $42M “Horizontal Multifamily Community” to Jacksonville
Alluvium Partners, LLC, has borrowed $42 million in construction financing for Cottage Street at eTown, the first “horizontal multifamily” community to be built in the south side of Jacksonville, FL.
Horizontal multifamily is defined as a community of dense single-family detached units that share similarities with traditional multifamily in terms of unit sizes, unit types and amenities, but do not have stacked units.
Philip Rachels, Jeff Kinney and Brett Bosworth of CBRE’ secured a four-year loan provided by Trustmark Bank.
“This new category in rental living offers residents a more desirable, lower density, single-family living experience with the same amenities and professional services offered in a traditional multifamily property,” said Rachels.
Cottage Street at eTown is located within eTown, a master-planned community developed by The PARC Group. It will feature 229 for-rent attached and detached cottages and townhomes with direct entry, private backyards, built in pet doors, and smart home technology.
- ◦Development
