Permanent Loan - Refinance
- 14,820 sf Walgreens
- Guilderland, NY
Axiom Capital Corp. has structured and facilitated the closing of a $4,480,000 permanent loan for the refinance of a free standing drug store in Guilderland, NY. The 12 year non-recourse loan was closed at a fixed rate and demonstrated a 67.7% Loan to Value and a 1.38x Debt Service Coverage Ratio amortized over 25 years.
The subject property is a 14,820 SF free standing drug store that was built in 2006 and has been occupied by Walgreens since its construction. The property is located at Routes 155 and 20, one of the busiest intersections in the town of Guilderland, and is within the CoStar designated Western Outer Albany County retail sub market. Co-Star reported the first quarter 2014 vacancy rate for this sub market at 3.8%. This sub market contains the region’s largest enclosed mall and power center, Crossgates Mall and Crossgates Commons, which combined contain 1.2 million SF. The sub-market, much like the broader Capital Region (Albany/Saratoga MSA), is one of the Northeast’s most stable and steadily growing regions.
Bordering the Town of Guilderland is the Albany NanoTech Complex and SUNY Polytechnic Colleges of Nanoscale Science and Engineering, the world’s most advanced Nano Science and semiconductor public/private research and development facility. It is here that more than $14 billion in private corporate investment has taken place in the past decade by companies like IBM, Intel, Applied Materials, Nikkon, International Sematech, Tokyo Electronics, Global Foundries, GE, and Apple, to name just a few.