Westshore Palm Bay: $48M refinancing secured for luxury apartment community in Florida's Space Coast

MIAMI, May. 28, 2025 – JLL Capital Markets announced today that it has secured a $48 million financing for Westshore Palm Bay, a 248-unit luxury apartment community in Palm Bay, Florida.

JLL represented the borrower, Northshore Development, in facilitating the floating-rate loan through ACORE Capital LP.

Westshore Palm Bay, located at 2331 Commerce Park Dr. NE, offers convenient access to I-95, providing residents easy commutes to major employers in the area including L3 Harris, Northrop Grumman, Patrick Space Force Base and Collins Aerospace. The property is situated in Florida's rapidly growing Space Coast region, just 10 minutes from Melbourne and 40 minutes from Port Canaveral.

Built in 2023, this newly constructed, stabilized asset features upscale interiors with granite countertops, stainless steel appliances, wood-like flooring and private outdoor spaces. The community boasts an impressive array of amenities including a 24-hour fitness center with on-demand virtual classes, a resort-style pool with sun shelf, a state-of-the-art clubhouse and an eight-acre lake within a nature preserve.

The Palm Bay-Melbourne-Titusville market has experienced significant growth, recording an 11.7% annual economic growth rate in 2023. The area has seen a 21% population increase from 2010-2024 within a one-mile radius of the property, with another 4% increase projected by 2029.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Brian Gaswirth, Directors Ted Taylor and Kyle Butler and Analysts Aaliyah St. Louis and Noli Muratovic.

"The successful refinancing of Westshore Palm Bay demonstrates the continued strength and appeal of the Space Coast multifamily market," said Gaswirth. "This property's strategic location, high-quality amenities and strong tenant demographics make it an attractive investment in today's market."

"The successful refinance of Westshore Palm Bay allows us to execute on our long-term vision for this community, capitalizing on the Space Coast's attractive demographics and continued growth," commented Andrew Steel of Northshore Development. "JLL has been a critical partner in this process, ensuring a seamless transaction and demonstrating a deep understanding of our strategic goals. This marks our third deal together, and we look forward to further collaborations. We are also excited to establish a relationship with ACORE Capital LP.”

“We are excited to partner with Northshore on this project as we believe in the continued momentum of the Space Coast,” added Mike Payton of ACORE Capital LP. “The JLL team was instrumental in executing this transaction during a volatile time in the market.”

Northshore Development, a privately held real estate development company specializing in residential and mixed-use properties, completed the project in 2023. The property is currently 94% occupied, highlighting its excellent performance and sustained capacity to maintain high occupancy levels.

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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Northshore Development specializes in opportunistic residential, hospitality and mixed-use property development, focusing on revitalizing underperforming assets through strategic capital investment and innovative concepts. The company aims to generate significant returns for investors by identifying and correcting critical deficiencies in properties while also prioritizing capital preservation and stable cash flow in its real estate investment portfolio.

ACORE CAPITAL, LP is a leading Investment Manager of U.S. commercial real estate debt, managing capital for investors across the globe. With offices in major U.S. cities, the company originates, acquires and manages various forms of real estate debt including first mortgages, B-notes, mezzanine debt and preferred equity. ACORE CAPITAL offers comprehensive financing solutions across the risk and return spectrum, serving as a key player in the commercial real estate finance industry.