Construction - Permanent Loan
- 39,570 sf Grocery Store
- Watervliet, NY
Axiom Capital Corporation has arranged $8,250,000 in construction to permanent financing for a stand-alone grocery store in Watervliet, NY. The loan was closed with a bank for a term of eight years. It incorporated a 12 month interest only period during construction, and a fixed rate for the remaining seven years with an additional seven year extension option. The loan demonstrated an 81% Loan to Cost, 77.8% Loan to Value, and a 1.45x Debt Service Coverage amortized over 30 years.
The proposed building will be a 39,570 square foot standalone grocery store situated on a 3.51 acre site. Upon completion, the site will be 100% occupied by Price Chopper Operating Co., Inc. Price Chopper, owned by the Golub Corporation, is a regional grocery chain with 130 stores operating in six states with annual sales of approximately $3.8 billion.
The subject property is located in the city of Watervliet, within Albany County, NY. The city of Watervliet has immediate access to Interstate 787, one of the region’s major North/ South thoroughfares. I-787 provides connectivity to I-90, a major East/West thoroughfare, and I-87 another major North/South thoroughfare. Major employers in the area include Norton Company, the Watervliet Arsenal, Troy Belting, and Mohawk Paper.