Capital Bank Finances Revitalization In Historic Biltmore
ASHEVILLE, N.C., Jan. 30, 2013 /PRNewswire/ -- Deeply rooted in the Asheville community, the well-known Biltmore School Building has emerged from a decade of vacancy and has undergone a major renovation. Once home to thousands of scholastic footprints, including those of Biltmore High School, Biltmore Elementary School and what would eventually become UNC Asheville, the hometown landmark was recently demolished and prepped for a revitalization. Weeks of construction triggered the vast transformation, molding the notable structure into state of the art medical office suites accentuated by historic character. Previous efforts to restore the 58,000 square foot building, built in 1927, proved unsuccessful however it has been the willing collaboration of Beverly-Grant, Inc. and Biltmore Property Group, with financing from Capital Bank that has revived the building so closely tied to Asheville's yesterday.
Beverly-Grant, Inc., headquartered in Asheville and known as one of the largest general contractors in Western North Carolina, and local real estate firm Biltmore Property Group, have been working closely with Capital Bank to finance the $12 million project. According to John W. Bell, CEO of Biltmore Property Group, "The historical significance of the building and dominant location in the marketplace furthered our belief that restoring Historic Biltmore School was the best option. We were able to join a solid group of local investors and obtain financing from Capital Bank. We are appreciative that Capital Bank was willing to take the time to understand what is involved with a restoration of this magnitude. With the expertise of our contractor, Beverly-Grant, we will see this grand historical building come to life." And come to life it has with over 47,000 square feet of the building currently active and occupied.
Demolition is complete and the excitement continues to build for all those involved in the restoration process that is expected to reach completion in May, 2013. Capital Bank is thrilled to play a role in such historical significance to the city of Asheville and relishes the opportunity to help resuscitate a building that is so integral to the community. "The Biltmore School project was a challenge given the fact that it was classified as a 'for sale' commercial real estate transaction. However, the strength of the project, strength and level of cooperation among the investors, and the successful pre-sales of the project made us very comfortable with the request. We have enjoyed watching the construction progress and helping turn the building back into an active part of Biltmore," said Martin Nesbit, Commercial Relationship Manager, VP, Capital Bank.
About Capital Bank
Capital Bank, N.A. was formed in July 2010 as the banking subsidiary of Capital Bank Financial Corp. (formerly North American Financial Holdings, Inc.), a bank holding company incorporated in 2009 with the goal of creating a regional banking franchise in the Southeastern United States. With approximately $7.8 billion in total assets and more than 1,500 employees, Capital Bank offers a broad range of financial services and operates 165 branches in Florida, North Carolina, South Carolina, Tennessee and Virginia. More information on Capital Bank is available at www.capitalbank-us.com.
SOURCE Capital Bank