Permanent Loan - Refinance
- 66,278 sf Grocery Anchored Retail Plaza
- Montrose, PA
Axiom Capital Corporation has arranged a $5,900,000 permanent loan for the refinance of a grocery-anchored retail plaza in Montrose, PA. The 10-year, non-recourse loan demonstrated a 79% Loan to Value and a 1.61x Debt Service Coverage amortized over 25 years.
The subject property contains 66,278 SF situated on 11.6 acres. The plaza was built in the 1970’s and was fully renovated in 2003 and 2004 when several in line spaces and the Price Chopper premises were constructed. As of closing, the plaza was 100% occupied by grocery anchor tenant Price Chopper, in addition to nationally recognized tenants Subway, Family Dollar, and H & R Block, and other local businesses. 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.
Montrose is a borough in Susquehanna County, Pennsylvania, located northwest of Scranton, PA and south of Binghamton, NY, just off of Interstate-81. The 65 Mile Corridor between Scranton and Binghamton is one of the Northeast’s major agricultural regions with expansive dairy, corn, and soy farms populating the vast area. Price Chopper is the largest grocer servicing the region; the trade area of this Price Chopper, as a result, encompasses a 20 mile or more radius.