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Sign in Sign up for a FREE subscriptionStellar, AARE secure JV LP equity and $52.7m construction financing for BTR project in Florida
Stellar Communities and Adam America Real Estate secured LP equity and a $52.7 million non-recourse construction loan for Havens at Palm Bay, a 266-unit built-to-rent community in Palm Bay, Fla., in the Space Coast MSA.
JLL worked on behalf of the joint venture to secure the capital.
Havens at Palm Bay will be an institutional-grade cottage-style BTR community located directly across the street from a new-construction Publix-anchor shopping center and within minutes of a wide array of retail, educational and employment demand drivers. The Space Coast, known as the “rocket scientist capital of the world” and a top market for high-paying STEM jobs, is a major aerospace and advanced engineering employment hub that has experienced 20 percent population growth since 2010. Major employers 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 United States.
