Permanent Loan - Refinance
- 108,414 sf Medical Office Building
- Albany, NY
Capital Corporation arranged the closing of an $11,800,000 permanent loan for the refinance of a medical office building in Albany, within the Capital District region of NY. The non-recourse loan was closed with a correspondent life insurance company at a fixed rate for a 14 year term. The loan demonstrated a 48.4% Loan to Value and a 2.81x Debt Service Coverage.
The subject property is a 108,414 SF, Class A, state of the art medical office building that was built in 2000 and at the time of closing was 100% leased. The subject property is one of the most visible and strategically located properties in the Capital District, located on a 3.8 acre site, sandwiched between Interstate 90 to the North and Washington Avenue Extension to the South. The property has immediate access to three highways (Interstate-90, Interstate-87, and Route 85) and sits less than half a mile from exit 24 of I-87, the cross point of I-87 and I-90. The central location within the Capital Region combined with the immediate access to the interstates has led the Washington Avenue Extension corridor to be a favored location for medical office building development. Since 1999, more than 500,000 SF of medical office space has been constructed along the corridor, with occupancy in the corridor historically exceeding 98.5%.