Permanent Loan - Refinance
- 63,624 sf, 3 Building, Retail & Office Portfolio
- Avon & West Hartford, CT
Axiom Capital Corporation has arranged a $12,450,000 permanent loan for the refinance of a retail/office portfolio in West Hartford & Avon, CT. The five year non-recourse loan was closed at a fixed rate and demonstrated a 74% loan to value amortized over 30 years.
The portfolio is comprised of three properties totaling 63,624 SF. Together the centers exhibited 98% occupancy at the time of closing by 20 tenants including the nationally recognized tenants: TD Bank, H&R Block, and Ace Hardware. The properties were built in 1979, 1981 & 1990 and were purchased as a portfolio by the current owner in 2004.
The properties are extremely well located within the Hartford market within what is commonly referred to as the “West” submarket. This market is made up of Avon, Farmington, Simsbury, Southington, and West Hartford. According to CoStar, the West submarket has a total of 11.9 million SF with a vacancy rate of only 4.3%, and no construction projects under development. The Hartford Retail Market as a whole has been very stable over the years. Overall there is 145 million SF of retail in the market. Since 2008, vacancy factors have remained very stable during this time ranging from 6.2% in 2008 to 5.6% for the first quarter of 2014.