Permanent Loan - Refinance
- 267,644 sf Wal-Mart Anchored Retail Plaza
- East Greenbush, NY
Axiom Capital Corporation arranged the closing of a $15,975,000 permanent loan for the refinance of a Wal-Mart anchored retail plaza in East Greenbush, Rensselaer County, NY. The non-recourse loan was closed with a correspondent life insurance company at a fixed rate for 10 years. The loan demonstrated a 68% Loan to Value and a 1.79x Debt Service Coverage amortized over 25 years.
The 267,644 square foot property is situated on a 43 acres site and is 100% occupied. In addition to anchor tenant Wal-Mart Supercenter the plaza is occupied by: Petsmart, KeyBank, Bruegger’s, Panera Bread, Hallmark, Metro Mattress, RadioShack, UPS, and other local tenants. In 1992, Wal-Mart began expansion into the Capital Region and selected the store at the subject property for their first site. As of 2012, the Wal-Mart’s annual sales for the location were reported to exceed $93 million, better than $451 per foot.
The subject property is strategically located on Route 4, a major North-South thoroughfare for Rensselaer County, where most major development in the county has occurred due to challenges with topography and infrastructure and proximity to interstate access. Much of the land west of Route 4 has steep inclines heading to the Hudson River and the majority of properties east of Route 4 are not serviced by municipal water or sewer. The subject has immediate access from both Exits 8 and 9 of Interstate I-90, is five minutes from downtown Albany’s Central Business District, and services a 10 to 12 mile radius on the eastern side of the Hudson River.