JLL Capital Markets has successfully secured $47 million in construction financing and limited partner equity for the development of Stellar Townhomes at Space Coast. This 201-unit build-to-rent community is set to transform the site of the former Rockledge Airport in Florida into a modern residential hub for the region.
Key takeaways
- Financing includes a $47 million construction loan and strategic LP equity.
- The project will feature 201 build-to-rent townhome units.
- The site occupies the grounds of the former Rockledge Airport in Brevard County.
- The development is positioned to serve the rapidly growing Space Coast economic corridor.
Strategic location on the Space Coast
The development is situated in Rockledge, Florida, within the Space Coast, which currently ranks as the eighth fastest-growing metropolitan area in the United States. This region has become a significant economic powerhouse, driven by major employers in aerospace, defense, and advanced engineering, such as NASA, SpaceX, and Blue Origin. The infill location offers residents unique convenience, being within walking distance of essential retail services including grocery stores and pharmacies.
Financing the future of residential living
JLL Capital Markets acted on behalf of Stellar Communities to arrange the joint venture partnership with Lenox West Capital and secured the construction debt through a syndicate of two regional banks. This capital injection allows for the transition of the former airport site into a functional residential community. The project is designed to address the increasing demand for high-quality rental housing in areas near major innovation and logistics hubs, reflecting a broader trend of institutional investment in the build-to-rent sector.
Commitment to sustainable development
Stellar Communities, the developer behind the project, is known for its focus on eco-luxury communities that adhere to Florida Green standards. The firm emphasizes sustainable building practices, such as incorporating energy-efficient features to reduce utility costs for residents. By redeveloping an existing site, the project aims to create long-term value while minimizing environmental impact, aligning with the company’s broader mission to deliver modern neighborhoods in high-growth markets.