Permanent Loan - Acquisition
- 23,299 sf Retail Plaza
- Warrington, PA
Axiom Capital Corporation has arranged $2,000,000 in acquisition financing for a retail plaza in Warrington Township, within Bucks County, PA. The non-recourse loan was closed with a bank at a fixed rate for 12 years. The loan demonstrated a 70% Loan to Value and a 1.85x Debt Service Coverage amortized over 30 years.
The subject property, built in 2008, is a 23,299 square foot retail plaza, with an approved pad site, situated on a 3.67 acre lot. The property is anchored by a 3,030 square foot 7-Eleven store under a corporate lease and is not a franchise. 7-Eleven is part of an international chain of convenience stores, which primarily operate as a franchise. It is the world’s largest operator, franchisor, and licensor of convenience stores, with more than 48,000 outlets, surpassing the previous record holder, McDonald’s Corp., in 2007.
The subject property is extremely well located at the intersection of Limekiln Turnpike and (Route 152) and County Line Road in Warrington Township. Average traffic count at the intersection is over 30,000 cars per day. As of 2013, within a one and three mile radius of the property, there were 3,760 and 48,000 people and average household income was extremely high at $142,910 and $109,135, respectively.