Apella on Newport: $97.45M refinancing secured for new student housing community in Tampa

ORLANDO, May. 5, 2025 – JLL Capital Markets announced today that it has secured a $97.45 million financing for Apella on Newport, a 576-bed newly constructed student housing community in Tampa, Florida.

JLL worked on behalf of the borrower, Commercial Street Partners, LLC — which is a partnership between Christa Construction, LLC, Shortino Enterprises — in arranging the three-year, floating-rate loan through MF1/Limekiln Real Estate Investment Management, LP.

Apella on Newport, located at 311 N Newport Ave., offers a prime location less than half a mile from the University of Tampa campus. The property features a mix of two-, three-, four- and six-bedroom fully furnished units across 150 apartments, totaling 195,076 square feet of rentable space. Completed in 2024, the community provides students with luxury amenities including a rooftop pool, fitness center, study lounges and secured garage parking.

The University of Tampa has experienced significant enrollment growth, reaching a record 11,429 students in 2024, a 57% increase since 2013. This growth, coupled with limited on-campus housing options, positions Apella on Newport to address the strong demand for quality student housing near campus.

Tampa continues to be a thriving metro area, attracting new residents and businesses with its strong job market, affordable cost of living and attractive lifestyle. The city has been recognized as one of the World's Greatest Places by Time Magazine and leads Florida in healthcare and education job growth.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Directors Lee Weaver and Melissa Marcolini Quinn and supported by Vice President Rob Rothaug and Analyst Jade Starkey.

“The JLL Team of Melissa, Lee, Jade and Rob worked tirelessly to secure us a great loan in a very short time frame,” said Dave Christa, Principal with Commercial Street Partners. “I look forward to working with JLL and MF1/Limekiln on many more deals.”

"The successful refinancing of Apella on Newport demonstrates the continued strength of the student housing market in Tampa," said Weaver. "This property's strategic location adjacent to the University of Tampa campus and its high-quality amenities make it an attractive investment in today's 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 and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Commercial Street Partners is a partnership between Christa Construction, LLC and Shortino Enterprises. Commercial Street Partners stands out as a leading student-housing developer, with a proven track record of 2,750+ beds developed, representing more than $375 million in value. Together, the team has 100+ years of real estate experience.

Christa, founded in 1982, is one of New York's premier builders with over $7 billion worth of completed construction projects. Known for their commitment to building value for clients, end users and communities, Christa's executive-level management team ensures projects are completed to expectations, on time and within budget.

Shortino Enterprises is led by Mark Shortino, a seasoned professional with +25 years of experience in construction and housing development and has been involved in the completion or construction of more than 3,000 units. 

MF1/Limekiln Real Estate is an Alternative Investment Manager specializing in creative financing solutions for the multifamily sector through direct lending, high yield securities and special situations. Led by experienced real estate professionals with extensive multifamily expertise, MF1/Limekiln is based in New York and is an SEC Registered Investment Adviser.