Quaye at Wellington nabs $53M construction loan
Ocean Bank granted funding, arranged by Compass Commercial Mortgage
September 15, 2015 03:30PM
Rendering of the Quaye at Wellington
The Quaye at Wellington, a green-designed apartment community, has secured $53 million in construction financing, its financial advisers announced on Tuesday.
Created by a team of Tampa-based developers, the project is to be built on 31 acres in the 1000 block of State Road 7 in Wellington. It is designed to be a Gold Level community with 350 luxury apartments built to the environmental standards established by the National Green Building Standard.
The Wellington project will mark the third Gold Level rental community built in Palm Beach County by developers Charles Funk and Jeff Meehan, who collaborated on Boynton Beach’s Seabourn Cove. The team also recently started construction on The Quaye at Palm Beach Gardens, which will have 341 rental homes when completed in April 2016.
Coordinated by Compass Commercial Mortgage, the project’s financing was provided by Ocean Bank, Palm Beach Gardens-based Compass said in a release.
The Quaye at Wellington will include 33 three-story, garden-style buildings with 104 one-bedroom apartments, 149 two-bedroom townhomes, 75 three-bedroom townhomes and 22 four-bedroom townhomes. The community also will feature a clubhouse and resort style pool.
Construction will begin soon and the project is expected to be completed in October 2016. — Ina Cordle
Source: The Real Deal