Permanent Loan - Acquisition
- 29,374 sf Net Lease Drug Store
- Albany, NY
Axiom Capital Corporation has arranged $1,105,000 in acquisition financing for a net lease drug store in Albany, NY. The non-recourse loan was closed with a local bank for a 10 year term amortized over 25 years. The loan demonstrated a 2.14x Debt Service Coverage and a 62% LTV.
The 29,374 square foot building is situated on a 0.25 acre parcel and is 100% occupied by Rite Aid Pharmacy. Rite Aid Corporation is traded publically on the New York Stock Exchange and carries a B- (stable) credit rating, according to Standard & Poor’s rating agency. With a market cap of approximately $1.38 billion, it is ranked third in its industry, behind Walgreen’s & CVS.
The subject property is extremely well located in the downtown Albany Central Business District, within a few blocks of the 3A & 3B exits off Interstate 787. I-787 is one of the region’s major North/ South thoroughfares and connects with Interstate 90, one of the region’s major East/ West thoroughfares, approximately one mile north of the subject. These two major highways serve as a connecting link between southern New York via the State Thruway, destination areas of Saratoga and Warren Counties via Interstate 87 (Adirondack Northway), and Massachusetts via the Mass Pike. As of 2012, within a five-mile radius of the site, the population was over 176,800 and average annual household income was above the national average at over $68,500.