Permanent Loan - Refinance
- 213,727 sf Wal-Mart Anchored Retail Plaza
- Bethlehem, NY
Axiom Capital Corporation has arranged $15,400,000 in permanent financing for a Wal-Mart anchored retail plaza in Bethlehem, NY. The non-recourse loan was at a fixed rate for a 10 year term. The loan demonstrated a 69.8% Loan to Value and a 1.22x Debt Service Coverage amortized over 20 years.
The subject property is a 213,727 SF retail center situated on 41.34 acres. The property is 100% leased and is anchored by a 205,792 SF Wal-Mart and has two pad sites leased by Applebee’s and Wendy’s. Walmart is a global company with 11,000 stores under 69 banners in 27 countries with e-commerce websites in ten countries. Walmart employs about 2.2 million people worldwide, is rated AA by S&P’s, and had 2013 fiscal year sales of approximately $466 billion.
The subject property is located within The Town of Bethlehem in Albany County, NY. The Town of Bethlehem is convenient to the NYS Thruway, making the neighborhood highly accessible from all points. The plaza has excellent exposure located on Route 9W, a heavily traveled thoroughfare, and is in close proximity to amenities, neighboring commercial and residential properties, and local access via private or public transportation. Within a five mile radius of the subject the population is 139,755 within 60,234 households with an average household income of $71,979.