Second Mortgage Financing
- 271 Unit Apartment Complex
- Guilderland, NY
Axiom Capital Corporation has arranged $753,932 in second mortgage financing for a long term client on an apartment complex in Guilderland, NY. The four year non-recourse loan was amortized over 30 years and included an option to extend for a period of three or five years.
The subject property, originally constructed between 1970 and 1976, is a 271 unit garden-style apartment complex located on an 18.61 acre parcel of land. The subject unit mix consist of 5 studio, 142 one-bedroom, 108 two-bedroom, and 16 three-bedroom apartments. Amenities at the property include: a business center, exercise facility, racquetball court, locker room with showers and steam rooms, a great room, outdoor swimming pool, tennis courts, a basketball court, playground, and coin operated laundry facilities. Occupancy at the time of closing was 96%. Proceeds from the loan were allocated toward construction of three additional units as well as the completion of renovations.
The property is located in the Town of Guilderland in Albany County, NY. The town of Guilderland is on the central-northwest border of the county, just west of Albany, the capital of NY. The subject is conveniently located within a half mile to two interstate highways, I-87 and I-90, as well as US-20 the main retail corridor in the Town of Guilderland. Neighboring the complex are Crossgates Mall, a large mall with many national and local retailers, several retail strip centers, single tenant retail and office buildings, as well as a corporate office park.