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Crystal Cove Townhomes in Tequesta. Courtesy rendering by Compass Commercial Mortgage Inc. Crystal Cove Townhomes in Tequesta. Courtesy rendering by Compass Commercial Mortgage Inc.

Palm Beach Gardens mortgage broker Compass Commercial Mortgage Inc. was the driving force behind three of South Florida’s recent major real estate deals, jump-started by $9.3 million worth of loans.

Here’s what to expect from the projects in Tequesta, Davie and Port St. Lucie, and the maneuvering it took to make them happen.

In one deal, Compass served as the commercial real estate finance consultant for Miami-based property management company Forte Properties LLC, which acquired three lots of land by the water in Tequesta, straddling Palm Beach and Martin counties.

The area, soon to be dubbed Crystal Cove Townhomes, covers roughly 2.15 acres and is set to feature 16 three-story townhouses and two duplex units. It’s one of the last available sites opposite Jupiter Island, with sweeping views of the Intracoastal Waterway, according to Compass.

For the broker, this meant finding a well-capitalized private lender able to provide the necessary financing before a tight closing deadline — not easy during the COVID-19 pandemic and economic downturn. Forte ultimately found that in Rhode Island’s EMCAP Lending, a subsidiary of Procaccianti Cos.

The result: a $4.4 million bridge loan over a 12-month term with 10.5% interest.

Forte is an affiliate of Alpha Blue Ventures Inc., which handles real estate acquisition, development and management in New York and Southeast Florida.

DaVita Dialysis building in Davie. Courtesy of Compass Commercial Mortgage Inc. DaVita Dialysis building in Davie. Courtesy of Compass Commercial Mortgage Inc.

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Raychel Lean

Raychel Lean is ALM's Florida bureau chief, overseeing the Daily Business Review. Email her at [email protected] or follow her on Twitter via @raychellean.

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