Construction - Permanent Loan
- 45,000 sf Grocery Store
- Chatham, NY
Axiom Capital Corporation has arranged $8,250,000 in construction-permanent financing for a stand-alone grocery store in Chatham, NY. The non-recourse loan was closed for a 10 year term, with a five year extension option, and an initial 12 month interest only construction period converting thereafter to a 30 year amortization schedule. The loan demonstrated a 1.29 Debt Service Coverage and a 79.2% Loan to Value.
The subject property is a 7.08 acres site to be improved with a 45,000 SF stand-alone grocery store. The property is scheduled for completion in mid-July 2014 and will be 100% leased by Price Chopper. Price Chopper, owned by the Golub Corporation, is a regional grocery chain with annual sales of approximately $3.8 billion. The company operates over 130 stores in six states and has 20,000+ employees. Over 6,500 employees are located in the Capital District, making Price Chopper the area’s largest private sector employer.
The property is located in Chatham, Columbia County, NY in the Catskill Mountain region of the Southern Hudson Valley. The area is situated approximately 40 miles south of the City of Albany and 115 miles north of New York City. Towns within the county have long been tourist attractions for residents of metropolitan NY and NJ. The area is greatly influenced by its proximity to the Hudson River both industrially and aesthetically.