Acore Provides $48M Refi on Florida Luxury Apartment Complex

Northshore Development has secured $48 million to refinance Westshore Palm Bay, a 248-unit luxury apartment community that opened two years ago in Palm Bay, Fla.

Acore Capital provided the floating-rate loan, while the JLL Capital Markets team of Brian Gaswirth, Ted Taylor, Kyle Butler, Aaliyah St. Louis and Noli Muratovic arranged the financing, the firm’s third deal with Northshore Development. 

JLL’s Gaswirth said in a statement that Westshore Palm Bay has benefited from a strategic location, high-quality amenities and strong tenant demographics.  

“The successful refinancing of Westshore Palm Bay demonstrates the continued strength and appeal of the Space Coast multifamily market,” said Gaswirth.

Westshore Palm Bay opened in 2023 at 2331 Commerce Park Drive North East in Palm Bay, a coastal town about 75 miles southeast of Orlando and near that Space Coast defined by Kennedy Space Center and Cape Canaveral Space Force Station. The building includes a resort-style pool, a fitness center, a private clubhouse, outdoor spaces for tenants and an 8-acre lake. 

Andrew Steel, chief operating officer of Northshore Development, noted in a statement that Florida’s Space Coast has experienced “attractive demographics and continued growth.” 

JLL reported that the economy around Palm Bay, Melbourne and Titusville grew nearly 12 percent in 2023, and that the area within a mile from Westshore Palm Bay has seen its population increase by 21 percent over the last 15 years, with an additional 4 percent increased forecast before the end of the decade. 

“The successful refinance of Westshore Palm Bay allows us to execute on our long-term vision for this community,” Steel added. “JLL has been a critical partner in this process, ensuring a seamless transaction, and demonstrating a deep understanding of our strategic goals.” 

Brian Pascus can be reached at bpascus@commercialobserver.com