Permanent Loan - Refinance
- 52,177 sf Retail Plaza
- Guilderland, NY
Axiom Capital Corporation arranged the closing of the $3,700,000 permanent financing, for the refinance of a retail plaza in Guilderland, NY. The 10 year loan was at a fixed rate, and demonstrated a 2.01x Debt Service Coverage, at a 61.7% LTV, amortized over 25 years.
The subject property is a 52,177 SF neighborhood retail plaza, situated on 5.38 acres. The subject property was built in phases, between 1964 and the 1990s, and was completely renovated in 1998. The plaza is 100% leased and has consistently maintained 95%+ occupancy for the past 18 years. Current tenants include: Key Bank, Dunkin’ Donuts, Guidlerland Dry Cleaners, OTB, Dorado’s Restaurant, Trustco Bank, Star Liquors and others. The majority of tenants have been occupants at the plaza between 10-20+ years.
The subject property is located at one of the most desired, and heavily traveled, intersections in the Guilderland area, with an average of just under 52,000 cars traveling past the plaza per day. Guilderland, NY is one of the fastest growing and affluent residential communities in Albany County.