JLL Capital Markets Secures $47 Million Loan For Stellar Townhomes Project In Rockledge

• JLL Capital Markets secured LP equity and a $47 million construction loan for Stellar Townhomes at Space Coast, a 201-unit build-to-rent community in Rockledge, Florida.
• The project, developed by Stellar Communities, will redevelop the former Rockledge Airport into one of the region's largest infill BTR communities.
• Lenox West Capital joined the project as the equity partner, while financing was provided through a syndicate of two regional banks.

What the Redevelopment Will Bring to the Space Coast

A former airport site in Rockledge is set to become a new build-to-rent community after JLL Capital Markets arranged the project's full capitalization. Stellar Townhomes at Space Coast will deliver 201 rental townhomes on the site of the former Rockledge Airport, transforming underutilized land into a residential neighborhood in one of Florida's fastest-growing markets.

The community is positioned in the heart of Florida's Space Coast, an area benefiting from continued job growth fueled by employers such as NASA, SpaceX, Blue Origin, U.S. Space Force, L3Harris, and Raytheon. Its walkable location near Publix, Starbucks, and Walgreens makes it a rare infill opportunity within the region.

What the Financing Means for the Project

JLL represented Stellar Communities in securing both the equity partnership with Lenox West Capital and the $47 million construction loan provided through a syndicate of regional banks.

The transaction was led by Max La Cava, Pier Barinci, and Alex Riva from JLL Capital Markets. According to the development team, the financing provides the capital needed to advance construction while supporting the long-term vision for one of the Southeast's most distinctive build-to-rent communities.

What Makes the Project Stand Out

Unlike traditional apartment developments, Stellar Townhomes at Space Coast is being designed as a purpose-built rental neighborhood featuring townhomes instead of multifamily buildings. The redevelopment also gives new life to a former airport property, creating housing in a location where large infill opportunities are increasingly difficult to find.

The project reflects continued investor demand for build-to-rent communities, a sector that has expanded rapidly across Florida as renters seek the privacy and space of single-family living without the commitment of homeownership.

What This Means for Florida's Housing Market

The Space Coast continues attracting both employers and residents, making it one of Florida's strongest growth markets for residential development. As aerospace, defense, and advanced manufacturing companies expand operations, demand for high-quality rental housing has followed.

For investors and developers, the capitalization of Stellar Townhomes at Space Coast underscores continued confidence in the build-to-rent sector and highlights the growing appeal of adaptive reuse projects that transform obsolete properties into income-producing residential communities.