PALM BAY, FLA. — Stellar Communities and Adam America Real Estate have secured LP equity and a $52.7 million non-recourse construction loan for Havens at Palm Bay, a 266-unit build-to-rent project located in Palm Bay in Florida’s “Space Coast” region. Max La Cava, Pier Barinci and Shane Ciacci of JLL Capital Markets arranged the financing.
Havens at Palm Bay will offer single-story units in one-, two- and three-bedroom floor plans. Planned amenities include a pool, clubhouse, children’s playground, dog park, self-storage and detached parking. The development is slated to complete in 2026.
The Space Coast is a major aerospace and advanced engineering hub that is located along Florida’s east coast. The region is home to the Kennedy Space Center and Cape Canaveral Space Force Station. Other major employers include NASA, SpaceX, Blue Origin, L3 Harris, Lockheed Martin, Northrop Grumman, Embraer and the U.S. Space Force.