JLL Capital Markets secures joint venture LP equity and $52.7M construction financing for build to rent project in Florida’s Space Coast

MIAMI, Sept. 17, 2024 -  JLL Capital Markets announced today that it has arranged LP equity and a $52.7 million non-recourse construction loan for Havens at Palm Bay, a 266-unit, built-to-rent community in Palm Bay, Florida (Space Coast MSA).

JLL worked on behalf of Stellar Communities ("Stellar") and Adam America Real Estate ("AARE") to secure the capital. This is the second transaction that JLL closes in 2024 with Stellar & AARE.

Havens at Palm Bay will be an institutional-grade cottage-style BTR community located directly across the street from a new-construction Publix-anchor shopping center and within minutes of a wide array of retail, educational and employment demand drivers. The Space Coast, known as the "rocket scientist capital of the world" and a top market for high-paying STEM jobs, is a major aerospace and advanced engineering employment hub that has experienced 20% population growth since 2010. Major employers include NASA, SpaceX, Blue Origin, L3 Harris, Lockheed Martin, Northrop Grumman, Embraer, and the U.S. Space Force - one of the eight federal uniformed services of the United States.

Havens at Palm Bay will offer one-, two- and three-bedroom single-story casita-style units with high-end finishes and a state-of-the-art amenities center fronting a natural lagoon. The project is expected to be completed in 2026 and will offer future residents amenities, including a resort-style pool, clubhouse, tot lot, dog park, self-storage and detached parking.

JLL Capital Market's team representing Stellar and AARE was spearheaded by Managing Director Max La Cava, Associate Pier Barinci and Analyst Shane Ciacci.

"Stellar and AARE's track record developing Class A build-to-rent communities, their ability to self-perform on construction, and the submarkets superb economic growth fundamentals, coupled with JLL's extensive international capital connections made this capitalization a remarkable success," said La Cava. "JLL's global network of family offices and private credit funds drove an ultra-competitive process resulting in outstanding results for our client."

"We are thrilled to partner with JLL Capital Markets once again on such an exciting project in Florida's Space Coast. Havens at Palm Bay will offer a unique living experience in one of the fastest-growing, innovation-driven markets in the country. With its cottage-style design and premium amenities, this community will provide a lifestyle that caters to the needs of the region's growing workforce. We're proud to contribute to the area's development and look forward to delivering a top-tier product that will resonate with future residents," said Larry Baum, Founder & Managing Partner of Stellar Communities.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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