Permanent Loan - Acquisition
- 65,000 sf Stand Alone Grocery Store
- Slingerlands, NY
Axiom Capital Corporation has arranged $12,424,880 in permanent financing for the acquisition of a freestanding single-tenant supermarket. The loan was for seven years at a fixed rate, and demonstrated a 1.73x Debt Service Coverage, at a 63.7% LTV amortized over 30 years.
The subject property is a 65,000 SF freestanding single-tenant supermarket located on 7.8 acres. The supermarket, which was constructed in 2012, is 100% occupied by Wakefern Food Corp. doing business as ShopRite. Wakefern is the largest retailer-owned cooperative in the US. Their supermarket banner ShopRite, is a regional grocery chain with 220 stores, in six states, with annual sales of approximately $10.6 billion.
The subject property is located in Slingerlands within the Town of Bethlehem, NY. The Town of Bethlehem is adjacent to Albany, the state’s capital. Bethlehem is known for its unique blend of suburban neighborhoods, rural life, and commercial enterprises which make it a pleasant, attractive, and enjoyable community for both businesses and residents.