Permanent Loan - Refinance
- 153,276 sf Grocery Anchored Retail Plaza
- Clifton Park, NY
Axiom Capital Corporation arranged the closing of an $18,800,000 permanent loan for the refinance of a grocery anchored retail plaza in Clifton Park, NY. The ten year, non-recourse loan was closed at a fixed rate. The loan demonstrated a 72.3% Loan to Value and a 1.60x Debt Service Coverage amortized over 30 years.
Shoppers World Plaza is anchored by a 77,478 square foot Price Chopper Super Market and Pharmacy. Price Chopper has been a tenant at the plaza since it was constructed in 1989. This store is one of the Price Chopper chain’s most profitable stores. Price Chopper, owned by the Golub Corporation, is a regional grocery chain with 130 stores operating in six states. Other national tenants of the Plaza include: Dollar Tree, St. Croix Tan, Sally Beauty Co.; and local tenants include: Berkshire Bank, Adirondack Precision Cut Stone and Evergreen Bank.
Clifton Park is a suburban town in Southern Saratoga County, NY and is one of the Capital Districts largest, most popular, and fastest growing sub-markets. Saratoga County is home to the famed Saratoga Race Track and an entertainment and recreational hub. The region boasts one of the lowest property tax rates in all of NY State. The Plaza is strategically located immediately next to the intersection of Route 146 and Interstate 87, within the epicenter of Southern Saratoga County’s retail, lodging, conference, office, and industrial commerce.