JLL Capital Markets Secures $97.45 Million Financing for Apella on Newport, Enhancing Student Housing Near University of Tampa
JLL Capital Markets Secures $97.45 Million Financing for New Student Housing Near University of Tampa
Tampa, FL — In a significant boost for student housing in the Tampa area, JLL Capital Markets has successfully arranged a $97.45 million financing package for Apella on Newport, a newly constructed student housing community. This 576-bed facility, located just half a mile from the University of Tampa, is set to meet the growing demand for quality accommodations as enrollment at the university reaches record highs.
The financing was secured on behalf of the borrower, Commercial Street Partners, LLC, a collaboration between Christa Construction, LLC and Shortino Enterprises. The three-year, floating-rate loan was facilitated through MF1/Limekiln Real Estate Investment Management, LP.
Apella on Newport, situated at 311 N Newport Ave., boasts a total of 195,076 square feet of rentable space, featuring a mix of two-, three-, four-, and six-bedroom fully furnished apartments. Completed in 2024, the community offers luxury amenities, including a rooftop pool, fitness center, study lounges, and secured garage parking, catering to the needs of modern students.
The University of Tampa has seen a remarkable enrollment surge, with student numbers climbing to 11,429 in 2024—a 57% increase since 2013. This growth, coupled with limited on-campus housing options, positions Apella on Newport as a vital solution for students seeking quality living spaces close to campus.
Tampa’s vibrant economy continues to attract new residents and businesses, bolstered by a strong job market and an affordable cost of living. The city has been recognized by Time Magazine as one of the World’s Greatest Places, leading Florida in healthcare and education job growth.
Lee Weaver and Melissa Marcolini Quinn, Senior Managing Directors at JLL Capital Markets, led the Debt Advisory team representing the borrower, supported by Vice President Rob Rothaug and Analyst Jade Starkey.
“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 added, “The successful refinancing of Apella on Newport demonstrates the continued strength of the student housing market in Tampa. This property’s strategic location and 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, with over 3,000 specialists worldwide. The firm’s expertise spans investment sales, debt advisory, equity advisory, and recapitalization.
As the demand for student housing continues to rise, Apella on Newport stands poised to play a crucial role in supporting the University of Tampa’s expanding student body, ensuring that students have access to modern, comfortable living spaces in a thriving community.