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Deals & Dealmakers

Colliers’ Donnelly/Levkov Team Closes Financing of $68.8mm Multifamily Development “Eastshore Apartments”

Colliers announced today that a team led by Jeffrey Donnelly and Dmitry Levkov has closed the financing for the $68.8 million, 272-unit, luxury multifamily development in Palm Bay, Florida – an adjacent municipality of Melbourne. 

The project, Eastshore Apartments, is comprised of an 18 acre site, with approximately 320,000 gross building area. The 272-unit apartment complex is scheduled to be completed in March 2025 and will offer one-, two- and three-bedroom units ranging from 824 to 1,250 Square Feet. Individual unit features will include Stainless Steel Appliances, Granite Countertops, Eat-In Kitchen, Under-Mounted Sinks, Balcony, Walk-In Closets, Tub/Shower, Range, Washer/Dryer, LED Lighting, Ceiling Fans, Custom Cabinetry, and 5G Capable Fiberoptic Infrastructure. Community amenities will include a 24-Hour State-of-the-Art Fitness Center and a Clubhouse Designed by Award-Winning Interior Designers including Resort-Style Swimming Pool, Conference Rooms, Business Center, Outdoor Grilling Area, Gaming Center, Dog Park, Elevators and Electric Car Charging Stations. 

This project will break ground as its sister project, Westshore Apartments (https://westshorepalmbay.com/) with 248 units, has just begun lease-up and is situated to be the premier project in the Bayfront Region. Eastshore Apartments will be the third mixed-use residential project in Palm Bay for Northshore Development. The Project is strategically located near the city’s largest employers and major defense contractors such as Raytheon, Northrup Grumman, Intersil, L3Harris, Lockheed Martin and more. “Robust employment growth among highly skilled and high-wage jobs paired with resilient market dynamics has led to sustained success in our first two projects here. We couldn’t be more excited to continue creating value in this market for the City of Palm Bay, our residents, and partners,” said Adam Frocione, Vice President of Development at Northshore Development.

“Northshore Development is surpassing a milestone with the financing of Eastshore Apartments that solidifies a portfolio of more than 1,000+ apartments built or under construction in the State of Florida since our founding,” said Andrew Steel, Founding Partner at Northshore Development.  

Colliers’ client, Northshore Development, based in Orlando, Florida, is a mid-market, mixed use and apartment development firm that focuses on Florida’s growing apartment rental market. The Northshore team has built over 20,000 units in their combined career and financed over $5 billion of real estate assets. They currently maintain a pipeline of approximately 1,800 units in pre-development.

The $39,750,000 construction loan was provided by a American Momentum Bank.  The $16,200,000 in preferred equity was provided by Parse Capital.

Colliers’ Executive Vice President, Jeffrey Donnelly, commented, “This is an exceptionally well-conceived project that caters to the defense and aerospace multinational corporations in this stretch of Florida’s ‘Space Coast.’  The project is immediately proximate (less than a mile) to the headquarters of LS Harris Technologies in Palm Bay.  Northrup Grumman, Collins Aerospace, and Intersil Corporation are also super close, and will feed demand for the new project.  This is our third financing of similar scale multifamily projects in Palm Bay for Northshore Development within the last 5 years.  They know this submarket cold.” 

Colliers’ Executive Vice President, Dmitry Levkov, commented further, “We were arranging this financing in an environment of steadily increasing construction costs, and increasing interest rates.  Both the senior lender, American Momentum Bank, and the Preferred Equity Investor, Parse Capital, demonstrated outstanding focus, patience, flexibility, and creativity in navigating the changing environment with us.  It was a pleasure to work with both, and we look forward to many other financings with both capital providers.”

The Donnelly/Levkov Team is focused on debt and equity solutions for real estate properties and projects across all asset classes – throughout the entire United States, as well as internationally. The Donnelly/Levkov Team is currently financing projects in New York City, Miami, Coral Gables, Fort Lauderdale, Orlando, Tampa, Dallas, Chicago, and Los Angeles.

*Many of Donnelly/Levkov financing assignments are for the solution of the debt, LP equity and co-GP equity required for large-scale development projects.  The team’s core competency is increasingly in providing their clients a holistic financing structure – one that requires very little sponsorship equity for qualified developers.

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