$880,000 – Term Loan
$50,000 – Operating LOC
Renovation & Mini-Perm Loan
Transaction Overview
Compass Commercial Mortgage, Inc. (“Compass”) the exclusive commercial real estate financing consultant for Toro Holdings (“Toro”) assisted with acquisition financing for two (2) one-story, office buildings located in Port St. Lucie, Florida. The buildings were constructed in 1992 and consist of twin buildings containing a combined 6,500 SF. The property is currently 100% leased and occupied by three (3) tenants. After closing, America Dentistry (Operating Company) will backfill space created by a departing tenant and begin the build-out of their new dental office.
Compass Role
Compass assisted Toro by proactively managing the loan process and negotiating superior loan terms which accomplished all of the following objectives (i) provided competitive owner-occupied financing despite America Dentistry occupying 25% of the premises (the typical threshold is 51% or more), (ii) advanced funds for build-out of the new dentistry space, (iii) secured interest only payments for the first 9 months (renovation period), (iv) negotiated a competitive declining prepayment penalty allowing the Borrower to refinance should interest rates decline, and (v) secured an operating line of credit to fund short-term working capital.
America Dentistry
America Dentistry is a full-service dental practice located in Lake Worth, Florida. The practice is expanding and the Treasure Coast Center will be their second location. Services include Exams, Digital X-Rays, Extractions, Composites, Crowns, Bridges, Dentures, Root Canal Therapy, Implants, 3D xrays, Invisalign, Teeth Whitening, Cleanings, Sealants, and Veneers.