Crest Residential has secured a $38.8 million construction loan to build a 256-unit project outside of Jacksonville.
Called Brisa Residences, the project will be built at the southwest corner of Florida Route 207 at Lightsey Rd. in St. Augustine.
The 37-acre development site is 2 miles east of Interstate 95, roughly 40 miles southeast of Jacksonville.
The developer expects to break ground this spring, Multi Housing News reports, citing Yardi Matrix.