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Retail

Permanent Loan - Refinance

  • $4,400,000
  • 64,201 sf Grocery Anchored Retail Plaza
  • Mechanicville, NY

Axiom Capital Corporation has arranged $4,400,000 in permanent financing for a retail plaza in Mechanicville, NY. The non-recourse loan was for 10 years, at a fixed rate, and demonstrated a 1.87x Debt Service Coverage, at a 64.7% LTV amortized over 25 years.

The subject property is a 64,201 SF grocery anchored shopping center located on 6.29 acres. The plaza is 100% occupied by grocery anchor tenant Price Chopper as well as Rite Aid, Dollar General, TrustCo Bank, and other local tenants. Price Chopper, owned by the Golub Corporation, is a regional grocery chain with 130 stores operating in six states with annual sales of approximately $3.8 billion.

The subject property is located in Mechanicville within Saratoga County. Mechanicville is a small city located directly on the Hudson River. The city is approximately eight miles east of Clifton Park and six miles southeast of Malta, NY home to the Luther Forest Technology Park, site of the Global Foundries Fab8 computer chip factory.