$1.75 Million Loan on Twin Homes and Lots in Homestead, FL

MIAMI --- Absolut Financial Resources arranged a $1.75 million loan to Bag Boy Enterprises LLC who acquired the property for $3MM.

The borrower obtained the services of Absolut Financial Resources for financing a real estate acquisition in Homestead, FL.  This loan had a short fuse and Absolut Financial procured funding in less than 30 days.  The borrower purchased 13 twin homes, 50 developed lots and 3 single family homes in Homestead, Florida.  The 50 twin home lots are fully developed and ready to build, improved with interior roads and infrastructure.  Average lot sizes are 4,354 SF.  The 13 twin homes were built in 2007-2008 and the 4 bedroom 2.5 bath twin homes average 2,114 SF.  Most of the units are rented at an average of $1200 per month.  The three single family homes include 5 bedrooms and 3 baths and average $3500 rental per month.

Situated at SW 137TH Avenue and SW 260th Street, Miami-Dade County, the property is west of the Turnpike, east of US1 at the south east corner of SW 260th and SW 137 Avenue. Five miles from the new Homestead Baptist Hospital, this area in Homestead has seen tremendous growth with both residential and commercial use. Homestead’s real estate market is poised for growth due to existing infrastructure and a lack of land for single-family development in Miami-Dade County. 

Absolut Financial Resources arranged the $1,750,000 loan at a very competitive interest rate, 5 year term, 30 year amortization.

Absolut Financial Resources finances various types of commercial real estate and loans typically average above $5MM.   Based out of Miami, with over 26 years’ experience, AFR is known for experience and creative structuring in providing loans which meet their borrower’s requirements.

$21 Million Construction Loan for Embassy Suites Development in St. Augustine

MIAMI, FL. --- Absolut Financial Resources arranged a $21 million construction loan for Key Beach North. The borrower acquired the oceanfront parcel of land in January 2014 and they are developing an Embassy Suites Hotel and replacing the existing debt on the land.

The 6.4 acres of is located near the historic city of St. Augustine, FL just south of Anastasia State Recreation Center. The ocean front property has significant frontage along the Atlantic Ocean measuring about 550 feet. The eight-story Embassy Suites resort will include 180 rooms with upscale resort amenities.

Absolut Financial Resources finances various types of commercial real estate. Based out of Miami, with over 26 years’ experience, AFR is known for experience and creativity in providing loans which meet their borrower’s requirements.

Absolut Financial Resources arranged the $21 million construction loan, which closed June 2015.

$2.8 Million Loan on Water-Front Property in North Miami

MIAMI --- Absolut Financial Resources arranged a $2.8 million loan to MidBay Properties LLC.  The borrower refinanced property to reduce rate and improve the property.
This water-front multifamily property includes 23,609 square feet and is situated on almost an acre. The two-story building includes 21 waterfront one-bedroom and two-bedroom units with balconies, and six street-side units. Amenities include parking spaces, a seawall, fishing and boating pier, pool, barbeque grilling area, covered patios, sunset balconies and on-site laundry facilities.

Absolut Financial Resources finances various types of commercial real estate. Based out of Miami, with over 27 years’ experience, AFR is known for experience and creative structuring in providing loans which meet their borrower’s requirements.

Absolut Financial Resources arranged the $2,800,000 loan at a very competitive interest rate, 10 year term, 25 year amortization.

AFR arranges financing of $11,250,000 for Westgate Shopping Center in Asheville, NC

MIAMI --- Absolut Financial Resources arranged an $11.25 million loan for Westgate Land Unit 4, LLC a subsidiary of FIRC Group.  The borrower purchased the property in 2002 for $4MM and improved the center which is now currently valued at almost $18MM.  Absolut Financial Resources procured a competitive CMBS loan with a 10 year term and a 30 year amortization. 

The property includes a 105,602 SF retail center built in 1965 and renovated in 2012.   The center includes CVS Pharmacy, Earth Fare Supermarket, Tuesday Morning, restaurants, and various other retail stores.  The well maintained property is 96% occupied.

This retail center is located just under a mile from downtown Asheville, North Carolina.  Westgate is seen as the gateway to Asheville and the center is adjacent to I-240 and near other main highways.  Westgate also overlooks the French Broad River. The property is situated in a high traffic area surrounded by commercial and residential use. Asheville is a self-proclaimed “edgy, artsy and inviting” city, its downtown region has an eclectic culinary scene, more than 30 art galleries and various large financial and business institutions. The city itself also has many accolades from Rolling Stone, Conde’ Nast, Kiplinger’s, Southern Living, US News and World Report, Huffington Post are a few.   Asheville is the 11th largest city in North Carolina.

Family-owned and operated since 1979, FIRC Group, Inc. is a full-service commercial real estate company with a distinguished reputation for acquisitions, development, construction, management, leasing and brokerage, as well as both commercial and residential condominium development.  FIRC has acquired and developed commercial properties across Florida and neighboring states, including North Carolina.

Absolut Financial Resources finances various types of commercial real estate. Based out of Miami, with over 27 years’ experience, AFR is known for experience and creativity in providing loans which meet their borrower’s requirements. AFR’s website is www.absolutfinancial.com.