TAMPA, FLA. – A $53 million construction loan to build a green-designed apartment community called The Quaye at Wellington has been finalized by a team of award-winning Tampa developers that is expected to break ground in the near future.
Located on 31 acres on State Road 7 in Wellington, The Quaye at Wellington will be a Gold Level community of 350 luxury apartments built to strict environmental specifi-cations established by the National Green Building Standard.
is being developed by Tampa-based developers Charles Funk and Jeff Meehan, who were responsible for the communities of Arbor Greene and Stonelake Ranch in Hillsborough County; as well as the Bank of Tampa building and the Bayside Marina, both in Tampa.
Funk and Meehan represent more than a half century of real estate development experience and are responsible for $1.4 billion in residential and commercial ventures across the state. Currently, they have more than $330 million in projects under construction.
The Quaye at Wellington is the third Gold Level rental community built in Palm Beach County by the developers, who also collaborated on Boynton Beach’s hugely successful Seaborn Cove, the National Association of Home Builders’ Multifamily Project of the Year in 2013.
Coordinated by Compass Commercial Mortgage Inc., financing is through Ocean Bank.
The Quaye at Wellington will feature 33 three-story, garden-style buildings containing 104 one-bedroom apartments, 149 two-bedroom townhomes, 75 three-bedroom townhomes and 22 four-bedroom townhomes. The community also will boast a clubhouse when the community is completed next spring.
Compass Commercial Mortgage, Inc. is a full service commercial finance company specializing in underwriting, packaging and placement of commercial real estate debt. It has extensive relationships with many national and area lenders including life, conduit and traditional banking lenders. For details, visit www.compassmtg.com
With $3.2 billion in assets, Ocean Bank is the largest independent, state-chartered commercial bank with headquarters in Florida. It has 21 branches in Palm Beach, Broward and Miami-Dade counties.
For more information about The Quaye of Wellington, visit Quayewellington.com or call (561) 790-7000.
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