JLL Secures $97.45 Million Financing for Apella on Newport, Premier Student Housing in Tampa, Florida
JLL Secures $97.45 Million Financing for New Student Housing Community in Tampa
ORLANDO, May 5, 2025 – JLL Capital Markets has announced a significant milestone in the student housing sector, securing a $97.45 million financing package for Apella on Newport, a newly constructed 576-bed student housing community in Tampa, Florida. This strategic financing was arranged on behalf of the borrower, Commercial Street Partners, LLC, a collaboration between Christa Construction, LLC and Shortino Enterprises.
The financing, structured as a three-year floating-rate loan, was facilitated through MF1/Limekiln Real Estate Investment Management, LP. Apella on Newport, located at 311 N Newport Ave., boasts a prime location just half a mile from the University of Tampa campus, making it an ideal residence for students.
Completed in 2024, the community features a diverse mix of fully furnished units, including two-, three-, four-, and six-bedroom apartments, totaling 195,076 square feet of rentable space. Residents can enjoy luxury amenities such as a rooftop pool, fitness center, study lounges, and secured garage parking, catering to the modern student lifestyle.
The University of Tampa has seen remarkable growth, with enrollment reaching a record 11,429 students in 2024—a staggering 57% increase since 2013. This surge, combined with limited on-campus housing options, positions Apella on Newport as a vital solution to the increasing demand for quality student accommodations.
Tampa continues to thrive as a metropolitan hub, attracting new residents and businesses with its robust job market, affordable cost of living, and vibrant lifestyle. Recognized by Time Magazine as one of the World’s Greatest Places, the city leads Florida in healthcare and education job growth.
The JLL Capital Markets Debt Advisory team, led by Senior Managing Directors Lee Weaver and Melissa Marcolini Quinn, along with Vice President Rob Rothaug and Analyst Jade Starkey, played a crucial role in securing this financing.
“The JLL team worked tirelessly to secure us a great loan in a very short time frame,” said Dave Christa, Principal with Commercial Street Partners. “I look forward to working with JLL and MF1/Limekiln on many more deals.”
Weaver emphasized the significance of this financing, stating, “The successful refinancing of Apella on Newport demonstrates the continued strength of the student housing market in Tampa. This property’s strategic location adjacent to the University of Tampa campus and its high-quality amenities make it an attractive investment in today’s market.”
JLL Capital Markets is a global leader in providing capital solutions for real estate investors and occupiers, leveraging in-depth local market knowledge and global investor insights to deliver best-in-class solutions. With over 3,000 Capital Markets specialists worldwide, JLL operates in nearly 50 countries, ensuring comprehensive support for clients across various real estate needs.
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