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.