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Retail

Permanent Loan - Acquisition

  • $2,025,000
  • 10,080 sf Free Standing Drug Store
  • North Kingstown, RI

Axiom Capital Corporation has arranged a $2,025,000 permanent loan for the acquisition of a drug store in North Kingstown, RI. The non-recourse loan was for 5 years at a fixed rate. The loan also offered a 5-year extension option.

The subject consists of an existing retail property containing 10,080 square feet of gross leasable area, which is 100% leased to CVS. The improvements were constructed in 1982 and renovated in 2003-2004. The site contains a gross area of 1.93 acres.

The property is located 18 miles from downtown Providence and is located in the Washington County retail sub-market according to CoStar. The submarket is strong with an average vacancy rate of 4.1% for retail.