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The Quaye at Wellington – $53,000,000 Construction & Mini-Perm

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.

Kendall Medical Plaza – $7,800,000 Refinance

Kendall MOB

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.

Miller’s Ale House – $3,528,000 Acquisition

Henderson Ale House

Compass successfully closed on the $3,528,000 acquisition of a Miller’s Ale House located in Henderson, Nevada.  The subject property consists of a 2.04 ± Acre parcel subject to a long term Ground Lease and improved with a 9,500 ± SF single-story restaurant owned and operated by the Miller’s Ale House.

The subject property is an outparcel of the popular Sunset Station Casino and Hotel. The property is ideally located on the east side of North Stephanie Street close to the signalized hard corner intersection of North Stephanie Street and West Sunset Road which receives approximately 59,200 ± vehicles per day. The Miller’s Ale House features a large monument sign which complements its close proximity to roadway traffic. The property also enjoys large amounts of cross traffic generated by the Sunset Station Casino’s multiscreen IMAX Regal Cinemas, 72 lane bowling alley, 457 hotel rooms and over 110,000 SF of gaming space.

Miller’s Ale House was founded by Jack and Claire Miller in Jupiter, Florida in 1988. Since its founding the chain has grown to over 69 locations in 10 states. In July of 2013 Miller’s Ale House was acquired by Roark Capital Group, an Atlanta based private equity firm with $3 billion of equity capital under management. Roark focuses on middle-market investment opportunities through family-owned business transfers, management and corporate buyouts, recapitalizations, going-private transactions and corporate divestitures. The restaurants atmosphere and menu attracts a broad variety of clientele and offers delicious steaks, fresh seafood, original pasta dishes, healthy salads, sandwiches and homemade desserts. The Henderson location features an outdoor patio 68 big screen TV’s and two (2) full service bars which serve more than 75 different types of beer, wines and liquors.

Golden Shoppes – $4,750,000 Refinance

Building Exterior

Compass successfully closed on the $4,750,000 refinance of the Golden Shoppes a retail / automotive retail center consisting of three (3) single-story, buildings containing approximately 39,365 ± Rentable SF situated on a 6.53 ± Acre parcel.

The subject property is situated on the south side of Okeechobee Boulevard approximately 1 1/4 mile west of Florida’s Turnpike. The property is extremely well located along one of Palm Beach Counties busiest thoroughfares with an average daily traffic count exceeding 57,000 vehicles. The property was developed and constructed in 2004 and has ample room for parking with a total of 249 +/- spaces or 6.32 +/- spaces per 1,000 net rentable area.

At the time of refinancing the subject property was 97% leased and occupied by nineteen (19) tenants. Building tenants include: Mobil Lube Express, Tires Choice, Enterprise Rent-A-Car and Hullet Environmental Services.

Riverside Drive Office/Warehouse Flex Project – $8.0MM Refinance

Compass successfully closed on the $8,000,000 refinance of the Riverside Commerce Park & Business Center at the Gardens a flex/warehouse campus containing 98,717 ± Rentable SF situated on 7.29 ± Acres.  The southern parcel consists of three (3) office/warehouse buildings containing 55,716 ± Rentable SF on 3.86 ± Acres; the northern parcel consists of one (1) office building containing 5,147 ± Rentable SF and one (1) warehouse building containing 37,854 ± Rentable SF located on 3.43 ± Acres.  The buildings were constructed in 1978 and 1985 and completely renovated in 2009-2010.  At the time of closing the property was 98% occupied by ten (10) tenants.  Major tenants include: DePuy Synthes (a subsidiary of Johnson & Johnson), Funkytownmall.com and Apria Healthcare.

Baker Hill Industries – $2.5MM Refinance / Acquisition

Baker Hill Industries, Inc. (BHI) an established manufacturer and owner of an existing 15,284 SF manufacturing facility came to Compass looking to expand their existing manufacturing base to an adjacent two-story CBS building currently improved as a self storage facility.  BHI recently secured new long term contracts with several of the nations preeminent aerospace and defense contractors and needed to expand their existing manufacturing base to meet demand.  The acquisition of the adjacent 17,748 SF self storage facility would more than double their manufacturing base and allow them to the space they need to meet the new increased demand.  Compass was able to successfully negotiate and close on the $2,500,000 financing at a low a 10 Year and 9 month fixed rate / term financing.  The initial 9 months is interest only allowing the borrower to improve the property and start generating cash flow prior to the commencement of principal and interest payments.

Aswan Village Apartments – $8.0MM Acquisition

Compass successfully closed on the $8,000,000 acquisition of a 216 unit, Class B Low Income Housing Tax Credit rental community known as the Aswan Village Apartments.  The development consists of fourteen (14), three-story garden-style rental buildings and one (1) single-story clubhouse/leasing office building.  The property contains 132 two bedroom units and 84 three bedroom units and contains approximately 201,636 ± Rentable SF.  The property was constructed in 2003 and 2005 and is situated on an 8.96 ± Acre parcel.

 

 

Globe Office Building – $1.82MM Acquisition

Building Exterior r1Compass successfully closed on the $1,816,875 acquisition of a three (3), two-story standalone office buildings containing approximately 25,000 ± Rentable SF situated on a 2.94 ± Acre parcel.  The subject property was acquired by a single purpose entity related to the New Beginnings Recovery Center, a prominent area outpatient medical detox and counseling center.  Of the total 25,000 ± Rentable SF, approximately 15,000 ± Rentable SF will be occupied by the New Beginnings Recovery Center after their completion of building renovations.  The remaining 10,000 ± Rentable SF will be occupied by third party tenants.

The financing was structured with $1,631,250 in acquisition financing and $185,625 in improvement financing which will be used to renovate the three (3)  buildings exterior, interior and common areas.

Pershing Apartments – $2MM Refinance

Building Exterior Compass successfully closed on the $2,000,000 refinancing of a fifty-five (55) unit, Class C apartment complex comprised of one (1) one-story and one (1) three-story building.  Combined the buildings contain approximately 25,000 ± Rentable SF and are situated on a 0.24 ± Acre parcel.  The subject property was originally constructed in 1923 and 1925 and have undergone significant renovations in 1990 and 2010-2012.  Renovations included a complete interior reconstruction in 1990 and new central air conditioning in the buildings lobby and hallway areas, installation of a new fire sprinkler system, installation of wireless internet and new cabinetry, flooring and furnishing for each rental unit in 2012-2012.

Palms Retail Center – $460K Refinance

Palms Retail Center Compass successfully closed on the $460,000 refinancing of a one-story neighborhood retail center measuring 13,190 ± Rentable SF.  The subject property is comprised of one (1) parcel containing approximately 0.91 ± acres and 35 ± parking spaces.  At the time of closing the subject property was 85% occupied by nine (9) tenants.

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