Permanent Loan - Refinance
- 14,820 sf Free Standing Retail Building
- Colonie, NY
Axiom Capital Corp. announces the closing of a $4,050,000 permanent loan for the refinance of a free standing drug store in Colonie, NY. The 10 year, non-recourse loan was closed at a fixed rate and demonstrated a 58.8% LTV and a 1.51x Debt Service Coverage ratio amortized over 25 years.
The 14,820 SF store was built in 2006 and has been occupied by Walgreens since its construction. The store is strategically located at the intersection of Route 155 and Route 5, one of the busiest intersections in the Town of Colonie.
The town of Colonie is one of the most popular suburban communities in the Albany/Saratoga MSA. Colonie is situated in the Co-Star designated W Outer Albany County retail sub market, which had a reported 2015 fourth quarter vacancy rate of 3.4%. The sub market contains the region’s largest enclosed mall and power center, Crossgates Mall and Crossgates Commons, combined the two are 1.2 Million Square feet. The sub-market, much like the broader Albany/Saratoga MSA is one of the Northeast’s’ most stable and steadily growing regions.