Transaction Overview
Compass Commercial Mortgage, Inc. (“Compass”) served as the exclusive financing consultant to Riverside Commerce Park (“RCP”) in arranging an $8.7 million cash-out, non-recourse refinancing of their marquee multi-tenant flex park located in Palm Beach Gardens, Florida.RCP consists of three (3) one-story office/warehouse buildings totaling approximately 55,716 ± rentable square feet, situated on 3.84 ± acres. Originally constructed between 1978–1980 and substantially renovated in 2008–2009, the property is 100% leased to thirteen (13) tenants.
Compass Role
RCP engaged Compass to underwrite, structure, package, and negotiate superior loan terms for this cash-out, non-recourse refinancing. By delivering a comprehensive, decision-ready loan package and creating competition among targeted institutional lenders, Compass secured best-in-class execution. The final financing structure included:
- Substantial cash-out proceeds
- 65% loan-to-value on an “As-Is” market valuation
- Aggressive swap-based pricing
- Non-Recourse, with standard carve-outs
About Compass
Compass is a full-service boutique commercial mortgage brokerage operating for Borrowers since 1996 and specializing in the professional underwriting, packaging, negotiation, and placement of commercial real estate debt throughout the State of Florida and nationwide. We believe commercial real estate finance to be an active process. We remain fully engaged in each transaction from the first conversation to the loan closing. It is specifically this attention to detail that leads to superior outcomes for our clients, including better loan terms and structure, rapid execution, lower interest rates, and reduced closing costs.