$1,125,000
Acquisition
Transaction Overview
Compass Commercial Mortgage, Inc. (“Compass”) the exclusive commercial real estate financing consultant for Domenic’s & Vinnie’s (“D&V”) assisted with the financing of a free-standing restaurant building located in Royal Palm Beach, Florida. The building was constructed in 1986 and contains approximately 2,590 SF. The property is currently undergoing renovations and will be occupied by Domenic’s & Vinnie’s Pizza upon completion.
Compass Role
Compass assisted D&V by proactively managing the loan process and negotiating superior loan terms which accomplished all of the following objectives (i) provided competitive owner-occupied financing for a quasi-start-up restaurant allowing the principals to recapture a large portion of their upfront investment, (ii) secured interest only payments during the first 12 month renovation period, (iii) negotiated a competitive 5-year fixed interest rate, and (iv) negotiated a competitive declining prepayment penalty allowing the Borrower to refinance should interest rates decline.
Domenic’s & Vinnie’s
Founded in Waterbury, Connecticut in 1993, Domenic’s and Vinnie’s has three (3) Connecticut locations. D&V’s are bringing their Italian cuisine to South Florida and will serve a full menu of Italian cuisine including hand-tossed pizzas, fresh pasta dishes, sandwiches, appetizers, and a full-service bar. Domenic’s and Vinnie’s only serves fresh locally sourced Italian cuisine made daily in-house.