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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.

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