Permanent Loan - Acquisition
- 37,374 sf Retail Plaza
- Indianapolis, IN
Axiom Capital Corporation arranged the closing of a $4,224,000 permanent loan for the purchase of a mixed use plaza in Indianapolis, IN. The 10 year, non-recourse loan was closed at a fixed rate of 4.61%. The loan demonstrated a 72.8% Loan to Value and a 1.65x Debt Service Coverage amortized over 30 years.
The 37,374 SF mixed use center is 100% leased to three tenants, which include; the University Heights Preparatory Academy (an affiliate of the University of Indianapolis), Anytime Fitness, and Internexus. The property was formerly a free standing supermarket and was completely renovated in 2008. The site has excellent access as well as frontage and exposure to Madison Avenue, with an average of 37,000 cars passing each day. The property also features two expansion areas totaling ±14,000 SF.
The center is situated on 5.97 acres at the corner of Madison Ave. and Hana Ave., in the heart of Indianapolis, adjacent to The University of Indianapolis. Indianapolis has a population of 1.9 million people and is the 13th largest metro area in the US. CNN recently ranked Indianapolis as the #2 most affordable city in the US. It has the most interstate coverage of any city in the nation with I-65, I-70, I-69, and I-74 all running through the City. As of 2010, the subject area had just under 80,000 people within a three mile radius, and an average household income of $52,200.