MIAMI, December 2, 2020 – JLL Capital Markets announced today that it has arranged $35.8 million in financing for the development of the Class-A West Shore Apartments located at 2330-2351 Commerce Park Dr. N.E. in Palm Bay, Florida.
JLL worked on behalf of Northshore Development to secure the senior loan with Centennial Bank and preferred equity with Parse Capital.
Once completed, West Shore Apartments will consist of 248 units averaging 1,006 square feet. The property will feature high-end interior finishes and community amenities such as a resort style pool, fire pit and fountain, seating areas with Pergolas, dog park and a high-tech fitness center.
The West Shore Apartments are located in Florida’s Space Coast which has experienced continuous growth in population and employment opportunities, with the area becoming a burgeoning home to new-to-market commercial aerospace companies, in addition to the renowned Kennedy Space Center.
The JLL Capital Markets team representing the borrower was led by Senior Director Brian Gaswirth and Associate Alejandro Ramirez.
“Northshore Development has significant development experience in this market with West Shore essentially being Phase 2 of the already successful Aqua Apartments,” Gaswirth said. “The Centennial Bank, Parse Capital and Northshore partnership is set to capitalize on the continued growth and demand in the market.”