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$35.8M construction financing secured for the development of West Shore Apartments

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  • $35.8M construction financing secured for the development of West Shore Apartments

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.”

https://www.multihousingnews.com/post/northshore-development-scores-36m-construction-loan/

Northshore Development, LLC has a unique offering and position in the marketplace with senior executive leadership, development, construction management, finance and operational knowledge from the top tier of global real estate firms.

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Vice President Of Development

Adam Frocione

Mr. Frocione has a track record of more than eight years of diverse experience in institutional real estate investment management and development and has successfully completed more than $2 billion in transactions across sectors and risk / return profiles during his career. He is responsible for sourcing, underwriting, negotiating, due diligence, and closing of commercial investments and developments across the firm. He is a graduate of Stetson University with degrees in finance and applied statistics.

Director Of Acquisitions And NSD Partners

Blake A. Maher

He provides a broad range of financial and management coordination through the entire development cycle. Prior to joining NSD, Blake worked as an analyst in the Property Finance division of Doral Bank. He was responsible for analyzing potential debt investments across multiple asset classes for a national real estate platform. His primary responsibilities included cash flow analysis, debt memorandum creation and market research. He is a graduate of the University of Florida with a background in Finance and Economics, as well as a graduate of Crummer School of Business at Rollins College where he obtained his Masters in Business Administration.

Director Of Finance

James Shulterbrond

Mr. Shulterbrondt is an accounting and finance professional with over 12 years of experience in the real estate industry. Throughout his career he has served in various accounting roles of property management and construction with a unique expertise in the sectors of multifamily housing, office, and retail. His success has been primarily due to his professionalism and excellent work ethics. Mr. Shulterbrondt holds a Master of Finance degree from Webster University.

Executive Vice President Of Development

Miguel Reynaldos

Miguel A. Reynaldos has more than 30 years of commercial real estate experience, encompassing development and project management, design management, construction administration, entitlements, regulatory compliance and consulting. His diverse real estate background includes managing the development process, both as owner and on a consulting basis as owner’s representative and project types including industrial, office, educational, public facilities, multi-family residential, as well as, specialized expertise in data centers.

Chief Administrative Officer

Carol Chang

Ms. Chang has 25 years of experience providing administrative support to C-Suite professionals at prominent organizations such as Wyndham Vacation Ownership, Golf Channel, and Orlando Magic. She is best known for her professionalism, integrity, and strong work ethic.

SteelChief Investment/Financial Officer And Partner

Andrew R.

Mr. Steel has 15 years of experience managing and negotiating complex transactions in the hospitality, office and residential real estate sectors. He has participated in over $5 billion of successful real estate transactions and brings a strong background of financial expertise. Mr. Steel has worked with the top-tier of real estate development teams throughout his career including Margaritaville Holdings, The Related Group and The Carlton Group. Mr. Steel has also been a successful fintech entrepreneur with the founding of one of the first real estate fintech platforms and he brings a unique vision for creative structuring and strategic financial planning for long term success with the Northshore Development platform. Mr. Steel holds an MBA degree from Rollins College with concentrations in real estate finance and economics.

Chief Executive Officer & Managing Member

Franz Hanning

Franz S. Hanning served as President and Chief Executive Officer. Wyndham Vacation Ownership since their separation from Cendant in July 2006. Mr. Hanning was responsible for the world’s largest developer and marketer of flexible, points-based vacation ownership products. The company’s five primary consumer brands – CLUB WYNDHAM©, WorldMark© by Wyndham, Wyndham Vocation Resorts Asia Pacific. Shell Vacations Club and Margaritaville Vacation Club@ -together comprise more than 200 resort properties, representing approximately 24,000 vacation ownership units and serving more than 900,000 owner families worldwide. After retiring from Wyndham Vocation Ownership in December; 2016, Hanning formed Northshore Development to manage his property holdings in Palm Bar, Florida. He owns Palm City Investments FH, LLC which owns the 24 acres property in Palm Bay. Specialists in Commercial Real Estate Development, Investment, and Branding.