JLL Capital Markets announced that it has secured a $97.45 million financing for Apella on Newport, a 576-bed newly constructed student housing community in Tampa, Florida.
JLL worked on behalf of the borrower, Commercial Street Partners, LLC — which is a partnership between Christa Construction, LLC, Shortino Enterprises — in arranging the three-year, floating-rate loan through MF1/Limekiln Real Estate Investment Management, LP.
Apella on Newport, located at 311 N Newport Avenue, offers a prime location less than half a mile from the University of Tampa campus. Completed in 2024, the community provides students with luxury amenities including a rooftop pool, fitness center, study lounges and secured garage parking.
The University of Tampa has experienced significant enrollment growth, reaching a record 11,429 students in 2024, a 57% increase since 2013. This growth, coupled with limited on-campus housing options, positions Apella on Newport to address the strong demand for quality student housing near campus.
Tampa continues to be a thriving metro area, attracting new residents and businesses with its strong job market, affordable cost of living and attractive lifestyle. The city has been recognized as one of the World’s Greatest Places by Time Magazine and leads Florida in healthcare and education job growth.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Directors Lee Weaver and Melissa Marcolini Quinn and supported by Vice President Rob Rothaug and Analyst Jade Starkey.
“The JLL Team of Melissa, Lee, Jade and Rob 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.”
“The successful refinancing of Apella on Newport demonstrates the continued strength of the student housing market in Tampa,” said Weaver. “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 full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
