Merchant’s Walk$13,500,000
Refinance
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.