Transaction Overview
Compass Commercial Mortgage, Inc. ("Compass") was selected as the exclusive commercial real estate finance consultant to City Construction & Development ("City") related to the refinancing of a single-tenant, automotive retail building. The 6,635 ± Rentable SF building is situated on a total land area of 1.05 ± Acres including a 0.29 ± Acre pad-ready site. At the time of closing, the subject property was 100% leased to Pep Boys.
Compass Role
At the time of application, the property was vacant having previously been occupied by Midas, a subsidiary of Tire Kingdom. The existing loan was scheduled to mature within the month. Recognizing the urgency, Compass secured a short-term loan extension with the existing lender. With the loan extension in place, Compass quickly got to work marketing the request to a select pool of active banking institutions capable of providing a competitively priced loan while also having the ability to meet the client's tight closing deadline. While Compass worked on the refinancing, City continued lease negotiations and came to terms with Pep Boys on a market-rate lease with multiple lease renewal options. Shortly thereafter, City accepted loan terms from a regional banking institution interested in growing its existing relationship with the client at exceptional terms.
City Construction & Development
City Construction & Development is a privately held real estate firm engaged in the construction, development, investment, and leasing of retail and service-orientated properties. They specialize in the development of upscale shopping centers for retail, restaurant, bank, light automotive, and aftermarket services including quick lubes, tire stores, and automotive tenants. Their existing portfolio of properties includes over twenty (20) properties located throughout the State of Florida.
