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Phone: (561) 626-3511 - Email: r2@www.compassmtg.com
James Business ParkJames Business Park & Jamlyn Supply
Westlake, FL

$3,000,000 – Land Acquisition & Development
$2,500,000 – Short Term Inventory Loan Refinance

The land acquisition loan was secured by one (1) parcel of land totaling 9.226 ± Acres and improved for the development of two (2), one-story, light industrial warehouse buildings totaling 145,643 SF.  Jamlyn Supply (Borrower’s Related Operating Entity) will occupy 60% of the space upon completion  Preleasing is ongoing for the remaining 40% of the space.

During loan underwriting and packaging, Compass noticed that Jamlyn Supply had a high-interest inventory loan on their balance sheet making financing of the subject property highly unlikely without first paying off, or refinancing the existing note.  In their negotiations, Compass found a community bank that was able to finance both the real estate and inventory loan.  Jamlyn Supply’s interest savings in year one will exceed $1.4 million.

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