Recent Loan Closings

Transaction Overview
Compass Commercial Mortgage, Inc. (“Compass”), the exclusive commercial real estate financing consultant for Decorator’s Unlimited (“DU”), successfully closed on the $3,000,000 refinancing of their light industrial flex building located in Palm Beach Gardens, Florida.  Improvements consist of a two-story, flex building containing approximately 15,692 ± Rentable SF situated on a 1.06 ± Acre parcel.  The improvements were constructed in 1987 and substantially renovated in 2023.  At closing, the property was 100.00% leased and occupied by three (3) tenants.

Compass Role
Compass assisted DU by negotiating loan terms which accomplished all of the following objectives (i) advanced agressive cash-out proceeds, (ii) negotiated competitive owner-occupied financing without the guarantee of the operating company, (iii) secured a competitive five (5) year fixed interest rate and term with an additional five (5) year extension option, (iv) secured a 30-year amortization period to maximize company cash flows, (v) negotiated a limited two-year prepayment penalty, and (vi) proactively managed the loan process, closing on the new loan within 45-days of application.

About Compass
Compass is a full-service boutique commercial mortgage brokerage operating for Borrowers since 1996 and specializing in the professional underwriting, packaging, negotiation, and placement of commercial real estate debt throughout the State of Florida and nationwide. We believe commercial real estate finance to be an active process. We remain fully engaged in each transaction from the first conversation to the loan closing. It is specifically this attention to detail that leads to superior outcomes for our clients, including better loan terms and structure, rapid execution, lower interest rates, and reduced closing costs.

Transaction Overview
Compass Commercial Mortgage, Inc. (“Compass”), the exclusive commercial real estate financing consultant for Merchant’s Walk (“MW”), successfully closed on the $13,500,000 refinancing of the Class-A multi-tenant neighborhood retail center located in Lake Worth Beach, Florida.  Improvements consist of three (3) one-story retail buildings constructed in 2024 and containing approximately 34,947 ± Rentable SF situated on a 4.76 ± Acre parcel.  At closing, the property was 91.75% leased to fourteen (14) tenants.

Compass Role
Compass assisted MW by negotiating loan terms which accomplished all of the following (i) advanced significant cash-out proceeds to the Borrower by negotiating an aggressive advance for the recapture of excess invested capital, (ii) negotiated a burn-down of the loan guarantee once all first generation tenants were in place and paying rent, (iii) recast the debt for a new 10-year term, (iv) negotiated a competitive interest rate with a low 1-year teaser rate with interest-only payments, followed by two (2) additional fixed rate terms with payments of principal and interest amortized over 25-years, and (v) proactively managed the loan process, closing on the new loan within 45-days of application.

About Compass
Compass is a full-service boutique commercial mortgage brokerage operating for Borrowers since 1996 and specializing in the professional underwriting, packaging, negotiation, and placement of commercial real estate debt throughout the State of Florida and nationwide. We believe commercial real estate finance to be an active process. We remain fully engaged in each transaction from the first conversation to the loan closing. It is specifically this attention to detail that leads to superior outcomes for our clients, including better loan terms and structure, rapid execution, lower interest rates, and reduced closing costs.

Transaction Overview
Compass Commercial Mortgage, Inc. (“Compass”), the exclusive commercial real estate financing consultant for Village Shoppes (“VS”), successfully closed on the $7,000,000 refinancing of a retail / automotive retail center located in Royal Palm Beach, Florida. The subject consists of three (3) one-story, retail / automotive retail buildings containing approximately 36,460 ± Rentable SF and situated on a 4.44 ± Acre parcel.

Compass Role
Compass assisted VS by negotiating superior loan terms which accomplished all of the following (i) advanced significant cash-out proceeds to the Borrower for capital improvements, (ii) recast the debt for a new 5-year term over a 30-year amortization schedule (the existing loan was amortized over a 25-year schedule), (iii) negotiated a competitive interest rate spread and guided the client through the SWAP process, and (iv) successfully managed the loan closing process saving the client tens of thousands of dollars in third party costs, documentary stamps, and intangible taxes.

About Compass
Compass is a full-service boutique commercial mortgage brokerage operating for Borrowers since 1996 and specializing in the professional underwriting, packaging, negotiation, and placement of commercial real estate debt throughout the State of Florida and nationwide. We believe commercial real estate finance to be an active process. We remain fully engaged in each transaction from the first conversation to the loan closing. It is specifically this attention to detail that leads to superior outcomes for our clients, including better loan terms and structure, rapid execution, lower interest rates, and reduced closing costs.

Transaction Overview
Compass Commercial Mortgage, Inc. (“Compass”), the exclusive commercial real estate financing consultant for Golden Shoppes (“GS”), successfully closed on the $7,650,000 refinancing of a retail / automotive retail center located in West Palm Beach, Florida. The subject consists of three (3) one-story, retail / automotive retail buildings containing approximately 39,334 ± Rentable SF and situated on a 6.53 ± Acre parcel.

Compass Role
Compass assisted GS by negotiating superior loan terms which accomplished all of the following (i) advanced significant cash-out proceeds to the Borrower for capital improvements, (ii) recast the debt for a new 7-year term over a 30-year amortization schedule (the existing loan was amortized over a 25-year schedule), (iii) negotiated a competitive interest rate spread and guided the client through the SWAP process, and (iv) successfully managed the loan closing process saving the client tens of thousands of dollars in third party costs, documentary stamps, and intangible taxes.

About Compass
Compass is a full-service boutique commercial mortgage brokerage operating for Borrowers since 1996 and specializing in the professional underwriting, packaging, negotiation, and placement of commercial real estate debt throughout the State of Florida and nationwide. We believe commercial real estate finance to be an active process. We remain fully engaged in each transaction from the first conversation to the loan closing. It is specifically this attention to detail that leads to superior outcomes for our clients, including better loan terms and structure, rapid execution, lower interest rates, and reduced closing costs.

Transaction Overview
Compass Commercial Mortgage, Inc. (“Compass”), the exclusive commercial real estate financing consultant for Palmetto Lakes Surgical Center (“Palmetto Lakes”), successfully closed on the $1,580,000 term loan and $600,000 working capital line of credit, assisting with the recapitalization of an ambulatory surgical center located in Hialeah, Florida. The subject consists of a 6,545 ± SF commercial condominium unit located on the ground floor of the Village Bank Center. The subject is 100% occupied by Palmetto Lakes.

Compass Role
Compass assisted Palmetto Lakes by proactively managing the loan process and negotiating superior loan terms which accomplished all of the following objectives (i) negotiated competitive owner-occupied financing consolidating the existing real estate term loan and operating line of credit into a new real estate term loan, (ii) negotiated superior terms for a new working capital line of credit to be used as a bridge for the collection of accounts receivable, (iii) negotiated a competitive declining prepayment penalty on the real estate term loan allowing the Borrower to prepay loan principal from cash flow and refinance should interest rates decline.  There is no prepayment penalty on the working capital line of credit.

Palmetto Lakes Surgical Center
Palmetto Lakes Surgical Center is a state-of-the-art surgical facility located in Hialeah, Florida. Palmetto Lakes was designed with convenience in mind, providing a multi-specialty professional space for surgeons and specialists to deliver the most advanced patient care. The result is a comfortable, patient-focused environment, free from the inconveniences often associated with hospital-based care.

About Compass
Compass is a full-service boutique commercial mortgage brokerage operating for Borrowers since 1996 and specializing in the professional underwriting, packaging, negotiation, and placement of commercial real estate debt throughout the State of Florida and nationwide. We believe commercial real estate finance to be an active process. We remain fully engaged in each transaction from the first conversation to the loan closing. It is specifically this attention to detail that leads to superior outcomes for our clients, including better loan terms and structure, rapid execution, lower interest rates, and reduced closing costs.

Transaction Overview
Compass Commercial Mortgage, Inc. (“Compass”), the exclusive commercial real estate financing consultant for Domenic’s & Vinnie’s (“D&V”), has successfully closed on the $1,125,000 financing of a free-standing restaurant building located in Royal Palm Beach, Florida. The building was constructed in 1986 and contains approximately 2,590 ± SF. The property is currently undergoing renovations and will be occupied by Domenic’s & Vinnie’s Pizza upon completion.

Compass Role
Compass assisted D&V by proactively managing the loan process and negotiating superior loan terms which accomplished all of the following objectives (i) provided competitive owner-occupied financing for a quasi-start-up restaurant allowing the principals to recapture a large portion of their upfront investment, (ii) secured interest only payments during the first 12 month renovation period, (iii) negotiated a competitive 5-year fixed interest rate, and (iv) negotiated a competitive declining prepayment penalty allowing the Borrower to refinance should interest rates decline.

Domenic’s & Vinnie’s
Founded in Waterbury, Connecticut in 1993, Domenic’s and Vinnie’s has three (3) Connecticut locations. D&V’s are bringing their Italian cuisine to South Florida and will serve a full menu of Italian cuisine, including hand-tossed pizzas, fresh pasta dishes, sandwiches, appetizers, and a full-service bar. Domenic’s and Vinnie’s only serve fresh, locally sourced Italian cuisine made daily in-house.

About Compass
Compass is a full-service boutique commercial mortgage brokerage operating for Borrowers since 1996 and specializing in the professional underwriting, packaging, negotiation, and placement of commercial real estate debt throughout the State of Florida and nationwide. We believe commercial real estate finance to be an active process. We remain fully engaged in each transaction from the first conversation to the loan closing. It is specifically this attention to detail that leads to superior outcomes for our clients, including better loan terms and structure, rapid execution, lower interest rates, and reduced closing costs.

$880,000 – Term Loan
$50,000 – Operating LOC
Renovation & Mini-Perm Loan

Transaction Overview
Compass Commercial Mortgage, Inc. (“Compass”), the exclusive commercial real estate financing consultant for Toro Holdings (“Toro”), successfully closed on an $880,000 real estate term loan and $50,000 operating line of credit to assist with acquisition financing for two (2) one-story, office buildings located in Port St. Lucie, Florida. The buildings were constructed in 1992 and consist of twin buildings containing a combined 6,500 ± SF. The property is currently 100% leased and occupied by three (3) tenants.  After closing, America Dentistry (Operating Company) will backfill space created by a departing tenant and begin the build-out of their new dental office.

Compass Role
Compass assisted Toro by proactively managing the loan process and negotiating superior loan terms which accomplished all of the following objectives (i) provided competitive owner-occupied financing despite America Dentistry occupying 25% of the premises (the typical threshold is 51% or more), (ii) advanced funds for build-out of the new dentistry space, (iii) secured interest only payments for the first 9 months (renovation period), (iv) negotiated a competitive declining prepayment penalty allowing the Borrower to refinance should interest rates decline, and (v) secured an operating line of credit to fund short-term working capital.

America Dentistry
America Dentistry is a full-service dental practice located in Lake Worth, Florida. The practice is expanding and the Treasure Coast Center will be their second location. Services include Exams, Digital X-Rays, Extractions, Composites, Crowns, Bridges, Dentures, Root Canal Therapy, Implants, 3D xrays, Invisalign, Teeth Whitening, Cleanings, Sealants, and Veneers.

About Compass
Compass is a full-service boutique commercial mortgage brokerage operating for Borrowers since 1996 and specializing in the professional underwriting, packaging, negotiation, and placement of commercial real estate debt throughout the State of Florida and nationwide. We believe commercial real estate finance to be an active process. We remain fully engaged in each transaction from the first conversation to the loan closing. It is specifically this attention to detail that leads to superior outcomes for our clients, including better loan terms and structure, rapid execution, lower interest rates, and reduced closing costs.

Transaction Overview
Compass Commercial Mortgage, Inc. (“Compass”), the exclusive commercial real estate financing consultant for the Bethesda West MOB (“BW MOB”), successfully closed on the $11,000,000 refinancing of a three-story, medical office building containing approximately 66,464 ± Rentable SF situated on a 0.68 ± Acre master parcel subject to a 99-year prepaid Ground Lease.  The subject is located on the campus of Baptist Bethesda West Hospital.  At closing, the subject property was 90% leased and occupied by thirteen (13) tenants, including local, regional, and national healthcare tenants.

Compass Role
Compass assisted BW MOB by negotiating superior loan terms which accomplished all of the following (i) gave the client the flexibility to float or SWAP their interest rate at any time in the first eighteen (18) months at an extremely competitive spread over SOFR, (ii) recast the debt for a new 10-year term based on a 30-year amortization schedule, (iii) successfully terminated the existing SWAP returning the premium to the client, (iv) successfully negotiated the assignment of the existing loan documents saving the client over $50,000 in closing costs, and (v) advanced new monies to satisfy existing shareholder debts and loan closing costs.

About Compass
Compass is a full-service boutique commercial mortgage brokerage operating for Borrowers since 1996 and specializing in the professional underwriting, packaging, negotiation, and placement of commercial real estate debt throughout the State of Florida and nationwide. We believe commercial real estate finance to be an active process. We remain fully engaged in each transaction from the first conversation to the loan closing. It is specifically this attention to detail that leads to superior outcomes for our clients, including better loan terms and structure, rapid execution, lower interest rates, and reduced closing costs.

Compass successfully closed on the $53,000,000 construction mini-perm loan for a 350 unit Class “A” Luxury apartment project to be located at the 1000 block of State Road 7, Wellington, Palm Beach County, Florida 33414.

Charles Funk and Jeffrey Meehan, developers of The Quaye at Wellington, worked with Randy Rienas of Compass Commercial Mortgage, Inc. to finance the construction of their third ICC National Green Building Standard (NGBS) gold level rental community in the heart of Wellington’s State Road 7 / U.S. 441 corridor.  Mr. Funk and Mr. Meehan previously developed the 2013 National Association of Home Builder’s “Multifamily Project of the Year” a NGBS gold level property in Boynton Beach, known as Seaborne Cove and have just entered the vertical construction on its sister project in Palm Beach Gardens, The Quaye at Palm Beach Gardens.  The Quaye at Wellington will be the pair’s third NGBS gold level rental community.

The Quaye at Wellington is being developed with cutting edge green technologies that have quite literally just entered the marketplace.  These technologies include special double pane window glass coated with three layers of silver and lined with argon gas that reflect sunlight away from the window saving residents approximately 25-50% on their FPL bills.  Other green amenities include the latest high efficiency appliances, solar powered roof exhaust fans and attached townhomes garages with both 220-volt and 110-volt outlets to charge electric vehicles.

When completed the property will consist of thirty-three (33), three-story garden style rental buildings and one (1) clubhouse/leasing office building.  The Quaye at Wellington will contain a total of three hundred fifty (350) rental units with a total living area of 431,646 ± SF situated on a 30.65 ± Acre parcel.  The property will contain a total of 104 one bedroom apartments, 149 two bedroom townhomes, 75 three bedroom townhomes and 22 four bedroom townhome rental units.

Unit amenities will include: stainless steel energy star appliances, hurricane impact resistant and doors and windows with energy efficient glazing, granite counter tops, European style wood cabinets, kohler tub surrounds, faux wood / LVT flooring, ceramic tile flooring in kitchens and bathrooms, screened-in patio / balcony, walk-in closets, 2” faux blinds, vaulted 10’-14’ bedroom ceilings, full size washers and dryers, valet trash, 16 SEER A/C Systems, electronic programmable thermostat, sliding glass patio doors and USB charging outlets in all kitchens.

Community amenities will include: a large luxurious clubhouse with a commercial grade fitness center and indoor multi-sports court with retractable basketball hoop, resort style pool complete with two gazebo grilling stations with flat screen televisions, a nature preserve with walking trails, a spacious children’s playground, Bark Park, Jogging Track and Car Wash and EV Charging Station.  In addition to all community amenities, The Quaye at Wellington is located within walking distance to the Shoppes of Isla Verde.  The neighborhood shopping center provides for athletic and casual clothing, electronics, pet needs, beauty supplies and area restaurants.

Compass successfully closed on the $7,800,000 refinance of the Kendall Medical Plaza located in Kendall, Florida.  The subject property consists of a four-story, multi-tenant Medical Office building containing approximately 71,024 ± Rentable SF situated on a 1.016 ± Acre parcel encumbered by a 99-year prepaid Ground Lease from the Kendall Regional Medical Center.

The subject property is located on the campus of the Kendall Regional Medical Center on the west side of SW 118th Terrace approximately 300 feet south of SW 40th Street (Bird Road).

The building was constructed in 1976 and sits atop a one-story, below grade restricted access parking garage with parking for 70 +/- vehicles. Additional parking is provided via a perpetual easement with the Kendall Regional Medical Center which provides for the use of all 1,339 +/- parking spaces on the hospital grounds. At closing the subject property was 90% leased and occupied by thirty (30) tenants including eleven (11) tenants with a direct ownership in the property. Building tenants include the Kendall Regional Medical Center and prominent area physicians.