Permanent Loan - Refinance
- 115,295 sf Grocery Anchored Retail Plaza
- Brunswick, NY
Axiom Capital Corporation announces the closing of an $11,250,000 permanent loan for the refinance of a grocery anchored retail plaza in Brunswick, NY. The seven year, non-recourse loan was closed at a fixed rate and loan metrics demonstrated a 62.8% Loan to Value and a 2.11x Debt Service Coverage amortized over 25 years.
The subject property is an 115,270 SF community shopping center anchored by a 63,500 SF Price Chopper Supermarket who has been a tenant since the plaza’s inception in 1996. Price Chopper, owned by the Golub Corporation, is a regional grocery chain with 130 stores operating in six states. Other tenants include both national and local businesses such as KeyBank, Auto Zone, St. Croix Tanning Salon, Pioneer Savings Bank, as well as others.
The shopping center is located just east of the city of Troy, in northern Rensselaer County, NY. The Plaza is strategically positioned on a prime 16-acre site at the southwest corner of Hoosick Road (NYS Route 7) and McChesney Avenue, which serves as upstate NY’s primary thoroughfare to VT and northern New England. This epicenter of northern Rensselaer County is the area’s primary retail corridor with an average daily traffic count of 24,000+ vehicles.