Permanent Loan - Refinance
- 76 Unit Apartment Complex
- Amsterdam, NY
Axiom Capital Corporation arranged the closing of a $5,000,000 permanent loan for the refinance of a multifamily property in the Town of Amsterdam, within Montgomery County, NY. The non-recourse loan was closed with a bank at a fixed rate for a seven year term. The loan demonstrated a 71% Loan to Value and a 1.61x Debt Service Coverage amortized over a 30 year period.
The subject property contains 76 units located within seven two-story buildings with 40 garages and a total net rentable footprint of 75,972 square feet. The subject property buildings were constructed between 2010 and 2011 on an 11.92 acre site strategically located along Route 30 in Amsterdam. In recent years the Town of Amsterdam has become the major commercial center for the area and has seen considerable growth in the retail sector attracting numerous national chain establishments. Route 30 is the main commercial corridor servicing Amsterdam and surrounding towns including Perth, Gloversville, and Johnstown.