Permanent Loan - Refinance
- 179,909 sf Grocery Anchored Retail Plaza
- Saratoga Springs, NY
Axiom Capital Corp. announces the closing of a $17,400,000 permanent loan for the refinance of a grocery anchored retail plaza in Saratoga Springs, NY. The non-recourse loan was closed with a life insurance company at a fixed rate for a 10 year term. At the time of close, the loan demonstrated a 60.5% Loan to Value and a 1.79x Debt Service Coverage amortized over 25 years.
The subject property is a 179,909 SF shopping center anchored by a 63,122 SF grocery store, Hannaford Super Market & Pharmacy. Hannaford has been a tenant since the plaza’s construction in 1994 and recently underwent a $3.5 million renovation in 2014, which included the addition of their “Hannaford To Go” access lane in the parking lot. The plaza is also home to two nationally known tenants, Kohl’s department store which operates 1,158 stores in 49 states, and Tractor Supply Co., rural lifestyle retail store which operates 1,300 stores in 48 states.
The plaza is strategically situated at the intersection of Weibel Avenue and Louden Road in the heart of Saratoga Springs’ primary retail corridor just off Exit 15 of Interstate-87 (“The Northway”). Adjacent to the property are numerous retail plazas with nationally recognized tenants not limited to: Wal-Mart, Lowes, Bed Bath & Beyond, TJ Maxx, Target, Home Depot, Staples, etc. Also adjacent is the 760,000+ SF Wilton Mall, as well as and The Springs, a 308 unit luxury apartment community. The property is located in Saratoga County, in the Albany MSA, which is becoming a world leader in Nano & semiconductor research & manufacturing. Many national publications like Time, Forbes, Real Estate Forum, and the Wall Street Journal have named the region “The Silicon Valley of the East”. Most recently, Forbes listed the region as number four on its list of top 100 MSA’s for job growth. Saratoga Springs is a major cultural center and a popular tourist destination with the Saratoga Race Course, golf courses, & historical homes.