Permanent Loan - Acquisition
- 43,600 sf Grocery Store
- Maynardville, TN
Axiom Capital Corporation has arranged $4,237,500 acquisition financing for a free standing grocery store in Maynardville, TN. The non-recourse CMBS loan closed at fixed and demonstrated a 75% Loan to Value and a 1.43x Debt Service Coverage amortized over 30 years.
The 43,600 SF is 100% leased to a K-VA-T Food Stores. K-VA-T operates 105 retail food outlets, 75 pharmacies, and 56 fuel stations throughout Kentucky, Tennessee, and Virginia. K-VA-T Food Stores, Inc. was recently ranked 36th on the Progressive Grocer’s list of America’s 50 Largest Supermarket Chains with over $2 Billion in annual sales.
The subject property is located in Maynardville, in Union County, Tennessee and is ideally situated minutes from Norris Lake and Knoxville and is a short drive to the Smokey Mountains. Union County is one of the fastest growing counties in Tennessee, the significant growth of the county is directly linked to the growth of infrastructure, such as water and broadband, as well as the development of upscale lake communities. Between 2000 and 2012 the population increased by approximately 1% per year and that is expected to continue for the next several years.