Permanent Loan - Acquisition
- 47,000 sf Grocery Store
- District Heights, MD
Axiom Capital Corporation has arranged $3,290,000 in permanent financing for the acquisition of a single tenant retail building in District Heights, MD. The non-recourse loan was for 10 years at a fixed rate and demonstrated a 1.49x Debt Service Coverage, at a 68.5% LTV amortized over 25 years.
The subject property is a 47,000 SF full service supermarket located on 3.52 acres and is 100% leased to PriceRite. PriceRite is part of the Wakefern (ShopRite) Food Corporation which is the largest retailer-owned cooperative in the United States. Wakefern operates over 2.5 million square feet of grocery and nonfood warehousing throughout New Jersey, New York, Connecticut, Pennsylvania, Delaware, Maryland, Massachusetts, and Rhode Island.
The area of the subject property is a focal point of the main retail corridor, servicing the Washington DC suburbs of District Heights, Suitland, Silber Hill, Forestville, and Coral Hills. The subject property is situated within one of the densest population areas and is approximately 8 miles east of the District of Columbia and 47 miles south of Baltimore City.