JLL secures LP equity & $47M construction loan for redevelopment of Former Rockledge Airport into 201-unit BTR community

MIAMI, July 27, 2026 –  JLL Capital Markets announced today that it 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, Florida (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.

The property is located in Rockledge on Florida's Space Coast, 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."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom.

JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of March 31, 2026. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

Stellar Communities, the 16^th largest private homebuilder in the country (2026 HousingWire) develops coastal, urban and suburban properties across Florida, specializing in eco-luxury communities that adhere to Florida Green standards and incorporate sustainable building practices. The company was the first developer in South Florida to include solar panels as a standard feature in all single-family homes, reducing energy and utility costs for homeowners. Stellar Communities focuses on acquisitions, development, sales and marketing with an emphasis on minimizing environmental impact.

Lenox West Capital targets middle-market multifamily and alternative housing investments located in high-growth secondary and selective tertiary Southeast and Texas markets, positioned in-or-near innovation, industrial and logistics hubs. LWC believes the emergence of the “Logistics Golden Triangle” will be a key driver of housing expansion, as the region generates over 50% of US GDP and provides the logistics infrastructure to efficiently move goods to more than 70% of the U.S. population.