$35.8M construction financing secured for the development of West Shore Apartments
JLL Capital Markets arranged the financing on behalf of Northshore Development
MIAMI, December 2, 2020 – JLL Capital Markets announced today that it has arranged $35.8 million in financing for the development of the Class-A West Shore Apartments located at 2330-2351 Commerce Park Dr. N.E. in Palm Bay, Florida.
JLL worked on behalf of Northshore Development to secure the senior loan with Centennial Bank and preferred equity with Parse Capital.
Once completed, West Shore Apartments will consist of 248 units averaging 1,006 square feet. The property will feature high-end interior finishes and community amenities such as a resort style pool, fire pit and fountain, seating areas with Pergolas, dog park and a high-tech fitness center.
The West Shore Apartments are located in Florida’s Space Coast which has experienced continuous growth in population and employment opportunities, with the area becoming a burgeoning home to new-to-market commercial aerospace companies, in addition to the renowned Kennedy Space Center.
The JLL Capital Markets team representing the borrower was led by Senior Director Brian Gaswirth and Associate Alejandro Ramirez.
“Northshore Development has significant development experience in this market with West Shore essentially being Phase 2 of the already successful Aqua Apartments,” Gaswirth said. “The Centennial Bank, Parse Capital and Northshore partnership is set to capitalize on the continued growth and demand in the market.”
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Northshore Development
Northshore Development is a full-service developer and owner, responsible for the financing, design, construction, and operational management of all portfolio assets. Northshore Development has experienced internal resources and strategically incorporates top-tier third party contractors and vendors to assure that all investments are constructed and operated with the highest grade of performance. Northshore Development has more than 80 years of cumulative development, construction and property management experience and holds Florida Real Estate Brokerage and Class-A Florida General Contractors Licenses. Principals of Northshore Development have developed in excess of 3.5 million square feet of mixed use and residential products, participating in more than $5 billion of transactions.
About Parse Capital, LLC
Parse Capital is a commercial real estate finance company focused on providing capital to developers and financial sponsors for the acquisition, recapitalization and development of multifamily apartment communities in well located, growth markets throughout the United States. Founded in 2013 by real estate and capital markets professionals with significant expertise developing tailored financial solutions, Parse has a committed, long-term capital base to finance multifamily transactions behind all types of senior lenders, including GSE's, commercial banks, insurance companies and conduits. Headquartered in Scottsdale, Arizona, the firm is well positioned to pursue opportunities throughout the continental United States and has completed more than 60 structured equity investments totaling more than $600 million of capital invested. For more information, please visit Parse's website at www.parsecap.com.
About Centennial Bank
Centennial Bank is a customer focused bank that provides a broad range of commercial and retail banking and related financial services to businesses, investors, individuals and municipalities. Centennial Bank has locations in Arkansas, Florida, South Alabama and New York. The company prides itself on excellent customer service, convenience to its account holders and taking care of the communities in which, it operates.