real estate

$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.

$11.2 Million Construction Loan for Condo Development in Doral

MIAMI --- Absolut Financial Resources arranged an $11.2 million construction loan for Century Home Builders.  The borrower purchased 7 acres of land to develop a 135-unit condo development in Doral.

The community, Century Park West, is situated north of Doral with convenient access to major highways, retail and commercial areas. The condominium will consist of 135 units with eight different models ranging from 1088 square feet to 1600 square feet.  These luxury units will include a gated entrance with guard house, a swimming pool, clubhouse and gazebo, playground, reserved parking spots and ample guest parking, and surrounded by lush landscaping.

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 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