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NSD secures $47 Million loan Refinancing on Florida’s Booming Space Coast

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  • NSD secures $47 Million loan Refinancing on Florida’s Booming Space Coast

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.

For further information please visitwww.NSDPartners.com.

Name of Press Contact: Carol Chang
Phone: (407) 735-9100
Email: Carol@nsdpartners.com

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.

Ms. Chang brings over 30 years of experience partnering with C-suite executives at leading organizations, including Wyndham Vacation Ownership, Golf Channel, the Orlando Magic, and Starwood Vacation Ownership/Vistana, with more than 20 years of experience in the hospitality industry and deep expertise in large-scale, multi-use environments.

She spent five years at Wyndham Vacation Ownership as Executive Assistant to President & CEO Franz Hanning, continuing a long-standing professional partnership that remains in place today.

Throughout her career, Ms. Chang has served as a trusted partner to senior leadership, managing complex priorities, coordinating high-level communications, and ensuring seamless day-to-day operations. She is known for her professionalism, integrity, and strong work ethic, as well as her ability to anticipate needs, solve problems proactively, and keep operations running smoothly in fast-paced environments.

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

Franz Hanning

Franz S. Hanning is the Chief Executive Officer of Northshore Development, where he leads the company’s commercial real estate development and investment strategy. He brings more than three decades of executive leadership and operational experience in the vacation ownership and real estate industries.

Prior to founding Northshore Development, Mr. Hanning served as President and CEO of Wyndham Vacation Ownership from 2006 to 2017, following a career that began in 1982 and spanned senior leadership roles in sales, operations, and corporate strategy. During his tenure, he oversaw the world’s largest developer and marketer of flexible, points-based vacation ownership. Under his leadership, Wyndham represented more than 200 resort properties, and more than 900,000 owner families worldwide.

Since establishing Northshore Development in 2017, Mr. Hanning has focused on real estate investment, repositioning, and ground-up development. The firm’s portfolio includes a diverse mix of residential, mixed-use, and commercial assets across Florida and the Southeast, with a strategy centered on identifying properties with untapped potential and transforming them into high-value, best-in-class developments.

Mr. Hanning is widely recognized for his leadership, operational excellence, and long-standing commitment to innovation within both the vacation-ownership and real-estate sectors. His work at Northshore Development reflects a continued dedication to creating impactful, high-quality properties that enhance communities and strengthen investor returns.