Northshore Development Scores $36M Construction Loan

Westshore Apartments. Image via Google Maps

Northshore Development has received construction financing for the upcoming West Shore Apartments, a 258-unit Class A community in Palm Bay, Fla. JLL Capital Markets secured the $35.8 million senior loan with Centennial Bank, as well as preferred equity with Parse Capital.

The parcel is situated at 2330-2351 Commerce Park Drive N.E., near the Indian River and along Florida’s Space Coast. Located between U.S. routes 1 and 507, the site is 5 miles from Interstate 95. Units at West Shore will average 1,006 square feet, while common-area amenities will include a resort-style pool, fire pit, dog park and fitness center.

Senior Director Brian Gaswirth and Associate Alejandro Ramirez led the JLL team representing the borrower. According to Gaswirth, the planned community represents the second phase of Aqua Apartments, a recently completed mixed-use property across the street from West Shore. With Northshore as developer and Lincoln Property Co. as manager, Aqua broke ground on the project in late 2018. The property offers 320 one-, two- and three-bedroom units on 24 acres, Yardi Matrix shows.

Earlier this year, Gaswirth secured financing for another upcoming community in Florida. First-Little Havana in Miami will offer 194 apartments and 7,000 square feet of ground-floor retail space.