JV Secures $53M for Palm Bay Community
A build-to-rent community on the Florida Space Coast is the recipient of the financing.
A joint venture between Stellar Communities and Adam America Real Estate has secured LP equity and a $52.7 million non-recourse construction loan to develop Havens at Palm Bay, a build-to-rent community in Palm Bay, Fla. In its second transaction this year with Stellar and AARE, JLL worked with the firms to secure the capital.
Havens at Palm Bay will be an institutional-grade cottage-style BTR community offering one-, two- and three-bedroom single-story casita-style residences fronting a natural lagoon. Resident social events and a private social network will be among the high-profile common-area amenities. The development is expected to be competed in 2026.
”JLL secured 10-plus term sheets and created a very competitive market that resulted in excellent terms and economics for the borrower,” Max LaCava, managing director, JLL Capital Markets team, told Multi-Housing News.
“The credit market is flushed with liquidity, creating a supply-demand imbalance favoring borrowers,” he continued. “JLL is seeing continued formation of credit fund vehicles resulting in even more liquidity entering real estate capital markets, which has resulted in meaningful spread compression over the last six to nine months.”
In addition to LaCava, the JLL Capital Market’s team was made up of Pier Barinci, associate, and Shane Ciacci, analyst.
Located near rocket scientists
Havens at Palm Bay will be situated immediately across the street from a newly-built shopping center anchored by a Publix supermarket. Residents will be located nearby a broad variety of shopping, educational and job demand drivers.
Approximately 22 miles away is the “Rocket Scientist Capital of the World,” aka The Space Coast, providing high-paying STEM jobs. The major aerospace and advanced engineering job center has enjoyed a 20 percent growth in population over the past 15 years.
The Space Coast is home to major employers that 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 U.S. Also nearby is the Space Coast Town Center, Florida Institute of Technology, Brevard Zoo, Melbourne Beach, St. Johns Heritage Parkway, Downtown Melbourne and Melbourne International Airport.
Last month, Sinatra & Co. acquired a Space Coast property not far from the upcoming Havens at Palm Bay. The Cocoa Grand Apartments, featuring 268 units, traded hands for $64 million.
