ORLANDO, Fla. – July 1, 2020 – PRLog — NSD Partners Capital Markets Team working with Colliers International successfully completed refinancing the Aqua Apartments this past week. Benefit Street Partners and Northshore Development are pleased to announce a $47,000,000 loan to refinance Aqua Palm Bay Apartments, a 320 unit Class-A multifamily development located in Palm Bay, Florida. The property’s ownership group is a privately-owned development firm, Northshore Development, based in Orlando, Florida.
Northshore Development, with the leadership of Franz Hanning and Andrew Steel, successfully completed this refinancing during one of the most difficult proforma financial periods in the country’s history due primarily to the strength of the asset and the dedication and tenacity from both Northshore Development as well as Benefit Street Partners.
The strength of the leasing velocity achieved by the property manager, Lincoln Properties, during this crisis exceeded Pre-Covid19 underwriting and displayed the underlying demand and strength of the market. *Currently, Aqua is 33% leased after 4 months, averaging 26 units per month since first move in on March 2nd.
Palm Bay, Florida is home to some of the largest high-tech and engineering firms in the country such as L3Harris, Intersil, Collins Aerospace, Raytheon and Northrop Grumman. Area statistics, along with strong lease up numbers have only confirmed Northshore Development’s foresight in developing successful projects.
Average current household income in the Space Coast area is $78,465 and is expected to climb to $87,989 by 2024, according to Environics Analytics. In addition, population growth since 2000 has jumped nearly 25% and is expected to grow another 6.1% through 2024. Moreover, there has been 35% rent growth for Class-A Multifamily Assets since 2010, while maintaining a demanding occupancy of over 97%. All of these figures bode well for not only this projects future but the additional 464 units that Northshore Development has planned for new construction in the same area for Phase 2 and 3, scheduled to be completed in Q2 of 2022 and Q2 of 2023, respectively.