Joint venture, LP equity, has been granted a $52.7 million construction loan for the development of a Palm Bay build-to-rent project in a region that's attracted workforce.
The JV is between Stellar Communities and Adam America Real Estate, according to JLL, which arranged the loan. The project, Havens at Palm Bay, will consist of 266 built-to-rent units. The single-story casita-style units will be available in one, two, or three bedrooms. Plus, Havens at Palm Bay will come with amenities such as a pool, dog park, self-storage, detached parking, clubhouse, and tot lot.
Once the development is completed, which is projected for 2026, it will be located across the street from a shopping center, which is under construction currently, that headlines a Publix store. Also, various retail, education, and employment brands are within minutes of the project.
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