Permanent Loan - Refinance
- 46,565 sf Office/Retail Property
- Baltimore, MD
Axiom Capital Corporation has arranged $3,300,000 in permanent financing for a 35,385 SF office/medical office building and an 11,180 SF Rite Aid in Baltimore, MD. The non-recourse, CMBS loan, was made at a fixed rate for ten years. The loan demonstrated a 68.8% Loan to Value and 1.90x Debt Service Coverage amortized over 30 years.
The subject property buildings were constructed in 1999 and were 100% leased at the time of closing by Rite Aid, Bravo Health (CIGNA), Maryland Employee Credit Union, and other local tenants. Rite Aid, occupying 24% of the space, was founded in 1962 and is currently the nation’s 3rd largest drugstore chain employing 89,000 associates in approximately 4,600 stores in 31 states and the District of Columbia. The company is B rated by Standard & Poors and had reported revenues of $25.4 billion for the 2013 fiscal year.
The subject property is located on Martin Luther King (MLK) Blvd., the main north/south artery serving western Baltimore with an average traffic count of 44,000+ cars daily. The subject is located in the recently redeveloped neighborhood of Poppleton Village, directly north of the University of Maryland (UM) BioTech Park and west of the UM Medical and Graduate Studies Campus. The property’s location and modern design have helped establish it as the town center, providing required neighborhood services such as banking, healthcare, and pharmacy/grocery.