NSD Partners Arranges $68.8 Million Financing of 272-unit Multifamily Asset in Florida
The Floridant/10222700

ORLANDO, Fla. - Floridant -- NSD Partners, an Orlando-based Real Estate Services Firm, announced today the Company has closed on $68.8 million of financing for the development of Eastshore Apartments, located at 2361 Commerce Park Drive NE in Palm Bay, FL. Collier's Capital Markets and Structured Finance team helped arrange a senior loan with American Momentum Bank.

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.

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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 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.

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About NSD Partners

NSD Partners, headquartered in Orlando, Florida is a boutique full service real estate firm. The company provides a comprehensive range of capital solutions for all commercial real estate asset classes, as well as investment sales brokerage services. NSD Partners originated in 2019 and since then has been one of the fastest growing firms in Florida having completed nearly $300 million in property financing and sales volume since 2019. Offices located in Orlando and West Palm Beach.

About Northshore Development

Northshore Development 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.

www.NSDPartners.com