Permanent Loan - Refinance
- 59,489 sf Grocery Store
- Starkville, MS
Axiom Capital Corporation has arranged $3,200,000 in permanent financing for a single tenant retail building in Starkville, MS. The non-recourse loan was secured with a life insurance company, for a 10 year term at a fixed rate, and demonstrated a 1.23x Debt Service Coverage, at a 61.5% LTV amortized over 15 years.
The subject property is a 59,489 SF full service supermarket located on 6.4 acres and is 100% occupied by Piggly Wiggly. There are currently more than 600, independently owned and operated, Piggly Wiggly stores in 17 states primarily throughout the Southeast and as far north as Wisconsin. Piggly Wiggly, LLC is an affiliate of C&S Wholesale Grocers, Inc. C&S is the largest wholesale grocery supply company in the US, and was ranked the 10th largest privately held company in America by Forbes magazine in 2010. The subject property is located approximately one half mile from the Mississippi State University (“MSU”). MSU is the state of Mississippi’s largest university with a 2012 enrollment estimate of 20,365 and an academic staff of 4,300.