Mortgage Brokers Approached 19 Lenders Before Landing Deal
One deal fell through before Compass Commercial Mortgage made a deal for the developers with Ocean Bank.
October 27, 2015 at 07:00 AM
4 minute read
Dealmakers: Randy Rienas, Sherry Rienas and Matt Hochradel
The Deal: The Compass Commercial Mortgage Inc. founders and an associate coordinated $53 million in construction financing for the Quaye at Wellington, a 350-unit rental community being built by two Tampa-based developers. The 31-acre project is at the 1000 block of State Road 7 in Wellington. The loan provided by Ocean Bank closed Aug. 12.
Details: The Quaye is the third “green” apartment community launched by developers Charles Funk and Jeffrey Meehan in Palm Beach County. They completed Seabourn Cove, 456 apartments and townhouses at 3501 S. Federal Highway in Boynton Beach in 2013, and are now constructing 340 apartments and townhouses at the Quaye at Palm Beach Gardens, at 1031 Victoria Falls Blvd.
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