Permanent Loan - Acquisition
- 106,339 sf A&P & Home Depot Retail Center
- Saddle Brook, NJ
Axiom Capital Corporation has arranged $10,620,000 in acquisition financing for an A&P grocery store and Home Depot in Saddle Brook, NJ. The non-recourse loan was for 12 years with a 30 year amortization period. At the time of closing, the loan demonstrated a 57% Loan to Value and a 2.56x Debt Service Coverage.
The subject property consists of two single tenant buildings leased to A&P Supermarkets (62,000 SF) and Home Depot (44,339 SF). The stores were built in 1999 and 2001 with a total of 106,339 SF. The property is situated on 12.16 in a neighborhood center location based on its proximity to major highways and the draw of its two major anchor tenants.
The subject property is located in Saddle Brook, within Bergen County, NJ. Bergen County is located just outside of New York City and is one of the most densely populated counties in the nation. The property is located within ½ mile from I-80 and the Garden State Parkway and is just 11 miles from New York City. According to CoStar the population within a one, three, and five mile radius of the subject is 16,538, 250,736, and 658,313 people, respectively. Average household income within a one, three, and five mile radius of the subject is $90,780, $80,827, and $82,245, respectively.