Permanent Loan - Refinance
- 5,400 sf Bank Branch
- Washington Township, NJ
Axiom Capital Corporation has arranged $3,950,000 in permanent financing for a single tenant retail building in Washington Township, NJ. The non-recourse loan was for 10 years at a fixed rate and demonstrated a 1.58x Debt Service Coverage, at a 70.5% LTV amortized over 30 years.
The subject property is a 5,400 SF freestanding retail facility located on 1.87 acres and is 100% leased to Wells Fargo. Wells Fargo (NYSE: WFC) is the fourth largest bank in the US by assets and largest by market capitalization. The company operates 9,000+ branches, has an S&P rating of AA-, and reported a profit of over $12 Billion in 2012.
The subject property is located within Washington Township, NJ, a suburb of Philadelphia. The building is situated directly across from the 216,000 SF Wal-Mart anchored Cross Keys Commons Shopping Center and is in close proximity to other retailers such as Target, Sam’s Club, Lowe’s, and LA Fitness. The subject property is located just 19 miles from Center City and 40 miles from Wilmington, DE.