Permanent Loan - Redevelopment
- 65,534 sf Grocery Anchored Retail Plaza
- Manchester, VT
Axiom Capital Corporation has arranged an $11,700,000 re-development loan for a grocery anchored retail plaza in Manchester, VT. The loan was closed at a fixed rate for seven years with a three year interest only period. The loan demonstrated a 75% Loan to Value and a 1.48x Debt Service Coverage amortized over 30 years.
The subject property is a 65,534 sf grocery anchored retail plaza and has acted as such since its inception in the 1960’s. Anchored tenant Price Chopper Supermarket (“PC”) has occupied their current 15,686 SF of space since 1990. Redevelopment plans include remodel of the center and an expansion of the PC space. Price Chopper, owned by the Golub Corporation, is a regional grocery chain with 130 stores, operating in six states. Other tenants at the plaza include a mix of local tenants and nationally recognized tenants such as Eastern Mountain Sports, Olympia Sports, Sherwin Williams, and Yankee One Dollar.
The plaza is situation at an irreplaceable location along Route 11 & Route 30 in the heart of Manchester, VT. Manchester is widely known as one of the Northeast’s most prominent resort and second-home communities due to its charm and proximity to VT’s best skiing (Stratton, Bromley, & Magic Mountain), fly fishing, equestrian opportunities, hiking, and cycling. It is also known as a destination shopping location with a wide selection of upscale designer outlets. Manchester is located in north-central Bennington County between the Green Mountains to the east and the Taconic Range to the west. It is crossed by four highways US Route 7 & VT Routes 7A, 11, and 30.