JLL Secures $47 Million Construction Loan and LP Equity for Stellar Communities' 201-Unit BTR Project on Florida's Space Coast
MIAMI, July 27, 2026 — JLL Capital Markets has arranged a $47 million construction loan and limited partner equity for Stellar Townhomes at Space Coast, a 201-unit build-to-rent community being developed by Stellar Communities on the site of the former Rockledge Airport in Rockledge, Florida. Lenox West Capital is joining the project as the institutional LP equity partner through a joint venture with Stellar Communities.
JLL represented Stellar Communities in structuring the full-stack capitalization, which includes both the joint venture partnership with Lenox West Capital and the construction debt, arranged through a syndicate of two regional banks.
Deal Structure and Capital Stack
The $47 million construction loan represents the senior debt component of the financing package for Stellar Townhomes at Space Coast. JLL's advisory role spanned both the debt and equity sides of the transaction, with the firm arranging the LP equity placement alongside the construction financing — a structure JLL described as a full-stack capitalization.
The JLL Capital Markets advisory team representing Stellar Communities was led by Managing Director Max La Cava, Director Pier Barinci, and Associate Alex Riva.
"We are incredibly proud to have partnered with Stellar Communities to arrange the full debt and equity capitalization of Stellar Townhomes at Space Coast," La Cava said. "Watching this 201-unit community take shape is a fulfillment of Stellar's vision to transform a former airport site into one of the most unique infill build-to-rent communities in the Southeast."
Redeveloping the Former Rockledge Airport
The project site is the former Rockledge Airport in Brevard County, which the developer is converting into a townhome-style rental community. Stellar Communities characterized the location as an infill site within walking distance of a Publix, Starbucks, and Walgreens — a retail node that distinguishes it from more exurban build-to-rent developments common in the Sun Belt.
Larry Baum, Founder and Managing Partner of Stellar Communities, said the redevelopment represents a generational opportunity in one of the country's fastest-growing markets.
"This project reflects what can be accomplished when exceptional partners come together around a shared vision. We are incredibly grateful to our partners at Lenox West Capital and JLL for their confidence, expertise and unwavering commitment throughout this process," Baum said. "Redeveloping the former Rockledge Airport into a thoughtfully designed residential community represents a once-in-a-generation opportunity to create lasting value in one of America's most dynamic growth markets. As one of Florida's leading developers of build-to-rent communities, Stellar remains committed to delivering neighbourhoods that combine outstanding locations, sustainable design and an exceptional resident experience."
Stellar Communities, ranked the 16th largest private homebuilder in the country by HousingWire in 2026, develops coastal, urban, and suburban properties across Florida with a focus on eco-luxury communities that adhere to Florida Green building standards and incorporate sustainable construction practices. The company was the first developer in South Florida to include solar panels as a standard feature across all single-family homes.
Space Coast Market Context
Rockledge sits within Brevard County on Florida's Space Coast, which JLL described as the eighth fastest-growing metropolitan area in the United States. The region's economic expansion has been driven by a concentration of aerospace, advanced engineering, and defense employers, including NASA, SpaceX, Blue Origin, U.S. Space Force, L3Harris, and Raytheon.
That employment base has generated sustained in-migration of skilled workers — a demographic that tends to favor townhome and single-family-style living over traditional garden apartment product. Rising for-sale home prices across Brevard County have reinforced demand for build-to-rent alternatives that offer suburban living formats within a rental structure.
Lenox West Capital's Investment Thesis
Lenox West Capital targets middle-market multifamily and alternative housing investments in high-growth secondary and selective tertiary markets across the Southeast and Texas, with a focus on locations near innovation, industrial, and logistics hubs. The firm's investment thesis centers on what it calls the "Logistics Golden Triangle" — a region it says generates over 50% of U.S. GDP and provides the logistics infrastructure to move goods to more than 70% of the U.S. population — as a primary driver of housing expansion.
The Stellar Townhomes at Space Coast deal aligns with that strategy, placing the firm in a Brevard County market with proximity to aerospace employment and the broader economic gravitational pull of the greater Orlando region.
About JLL Capital Markets
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group offers investment sales and advisory, debt advisory, mergers and acquisitions, corporate finance, loan sales, equity and fund placement, net lease, derivative advisory, and energy and infrastructure advisory services. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.
JLL (NYSE: JLL) reported annual revenue of $26.1 billion and operates in over 80 countries with a global workforce of more than 113,000 as of March 31, 2026.
Sources: JLL Newsroom — LP Equity and Construction Loan for Stellar Townhomes in FL