Acquisition/Redevelopment Loan
- $2,000,000
- 10,257 sf Medical Office Building
- Milford, CT
Axiom Capital Corporation has arranged $2,000,000 in financing for the acquisition and redevelopment of a medical office building in Milford, CT. The loan was for 7.5 years at a fixed rate and demonstrated a 1.84x Debt Service Coverage, at a 66.7% LTV amortized over 25 years.
The subject property is a 10,257 SF medical office building built in 1981. At closing, the subject property was 79% pre-leased, under 10-year net leases, to Yale University Orthopedics and Yale New Haven Hospital Radiology, and a third tenant was close to signing a lease for the remainder of the space. Yale University is rate Aaa by Moody’s, and Yale New Haven Hospital is rated Aa3.
The subject property is located off the Merritt Parkway, within one mile of Interstate 95, just 10 miles south of New Haven and Yale University. The facility will serve the local markets of Milford, Stratford, and Shelton/Derby. The Town of Milford is the sixth oldest in the state of Connecticut. As of the 2010 US Census, Milford had a population of approximately 51,000. The median household income was $79,956, well above the state average of $69,243. The median value of an owner-occupied housing unit was $334,800; also well above the state average of $293,100.