Permanent Loan - Refinance
- 178,686 sf Grocery Anchored Retail Plaza
- Clifton Park, NY
Axiom Capital Corporation arranged a $19,000,000 permanent loan for the refinance of a retail plaza in Clifton Park, NY. The 10 year non-recourse loan was closed at a fixed rate with a correspondent life insurance company. Loan metrics demonstrated a 72.5% Loan to Value and a 1.63x Debt Service Coverage amortized over 30 years.
The subject property is a 178,686 SF grocery anchored retail plaza situated on 20.82 acres. At the time of closing, the plaza was 98.3% occupied by grocery anchor Hannaford Supermarket, several local tenants and nationally recognized tenants: Toys R US, PetSmart, Olympia Sports, and Jo-Ann Fabrics. Hannaford occupies 35% of the plaza and has been a tenant since the plaza was built in 1988. Hannaford is a Delhaize America company, owned by Belgian based Delhaize Group, one of the world’s largest food retailers. Hannaford operates 180+ stores in five states, with 26,000+ associates. Delhaize America, operates five banners with 1,500+ stores in 16 states, employs 107,000+ associates, and reported revenues of $18.8 billion in 2012.
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, an entertainment and recreational hub. The county is also becoming a worldwide center for semi-conductor and nanotech manufacturing and research. 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.