Northshore Lands $48M Refi for Orlando Community
The 248-unit luxury property came online two years ago.
Northshore Development has obtained $48 million in refinancing for Westshore Palm Bay, a 248-unit luxury property in Palm Bay, Fla. ACORE Capital LP provided the floating-rate loan in a deal brokered by JLL Capital Markets.
Previous financing included a $22.8 million construction loan originated by Centennial Bank in November 2020, according to Yardi Matrix information. The community came online in 2023 and was 94 percent occupied at the time of the transaction.
Last month, Advenir also obtained about $23.16 million in refinancing for Advenir at Magnolia, a 272-unit, garden-style community in Fern Park, Fla., an unincorporated northern suburb of Orlando.
Located on almost 13 acres at 2331 Commerce Park Drive NE, West Shore Palm Bay is close to a host of dining and retail opportunities and 5 miles from Melbourne Orlando International Airport. Downtown Orlando, Fla., is within 75 miles.
The community consists of four three- and four-story buildings. Units comprise one-, two- and three-bedroom floorplans, ranging between 791 and 1,397 square feet. Select layouts also feature private balconies, patios or sunrooms.
Common-area amenities include a fitness center, clubhouse, swimming pool with sun shelf and a business center. The property also has a conference room, a gaming center, green space areas and EV charging stations.
JLL Capital Markets Senior Managing Director Brian Gaswirth, Directors Ted Taylor and Kyle Butler, along with Analysts Aaliyah St. Louis and Noli Muratovic, led the Debt Advisory team representing the borrower.
