JLL Secures Equity, $47M Construction Loan For Rockledge BTR Community

JLL Capital Markets has arranged LP equity and a $47 million construction loan for Stellar Townhomes at Space Coast, a 201-unit build-to-rent community in Rockledge (Brevard County), built on the site of the former Rockledge Airport.

JLL represented Stellar Communities in arranging the joint venture partnership with Lenox West Capital, and construction debt through a syndicate of two regional banks.

Florida’s Space Coast is the eighth fastest-growing metropolitan area in the United States. The Space Coast has emerged as a powerhouse for economic growth, driven by major employers within the aerospace, advanced engineering and defense sectors including NASA, SpaceX, Blue Origin, U.S. Space Force, L3Harris and Raytheon. Within this dynamic backdrop, Stellar Townhomes’ ultra-rare infill location, walking distance to Publix, Starbucks and Walgreens, makes it one of the most unique build-to-rent developments in the Southeast.

JLL Capital Markets’ Advisory team representing the sponsor was led by Managing Director Max La Cava, Director Pier Barinci and Associate Alex Riva.

“We are incredibly proud to have partnered with Stellar Communities to arrange the full debt and equity capitalization of Stellar Townhomes at Space Coast,” said La Cava. “Watching this 201-unit community take shape is a fulfillment of Stellar’s vision to transform a former airport site into one of the most unique infill build-to-rent communities in the Southeast.”

“This project reflects what can be accomplished when exceptional partners come together around a shared vision. We are incredibly grateful to our partners at Lenox West Capital and JLL for their confidence, expertise and unwavering commitment throughout this process. Redeveloping the former Rockledge Airport into a thoughtfully designed residential community represents a once-in-a-generation opportunity to create lasting value in one of America’s most dynamic growth markets,” added Larry Baum, Founder & Managing Partner of Stellar Communities. “As one of Florida’s leading developers of build-to-rent communities, Stellar remains committed to delivering neighbourhoods that combine outstanding locations, sustainable design and an exceptional resident experience.”