Permanent Loan - Refinance
- 30,307 sf Retail Plaza
- Mount Laurel, NJ
Axiom Capital Corp. announces the closing of a $3,900,000 permanent loan for the refinance of a retail center in Mount Laurel, NJ. The 10 year, non-recourse loan was closed at a 4.25% fixed rate. The loan demonstrated a 72% Loan to Value and a 1.71x Debt Service Coverage amortized over 30 years.
The 30,307 SF plaza is situated on 4.12 acres, and is occupied by several local office and retail tenants as well as a 2,940 SF 7-Eleven store and a 1,200 SF 7-Eleven Field Store used for training purposes. The plaza was developed in 2004 and many of the current tenants have been occupants since the plaza’s development.
The center is well located in Mount Laurel, NJ, a trade area known for its concentration of retail, hospitality and retail space, due to its proximity to two of the busiest highways in NJ, the NJ Turnpike and I-295. The immediate trade area surrounding the property is made up of a combination of neighborhood shopping centers, free standing buildings, and auto dealerships. The subject property is located in the Southern Burlington County submarket which is home to the four major retail corridors; Route 83, Route 38, Route 70 and Route 130.