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Retail

Permanent Loan - Refinance

  • $6,950,000
  • 75,431 sf Grocery Anchored Retail Plaza
  • Kinderhook, NY

Axiom Capital Corporation has arranged $6,950,000 in permanent financing for a grocery anchored retail plaza in Kinderhook, NY.  The non-recourse loan was for seven years, with a seven year extension option, at a fixed rate, and demonstrated a 1.47x Debt Service Coverage, at a 70.6% LTV amortized over 20 years.

The subject property is a 75,431 SF retail plaza was built in 2006 and is situated on 19.8 acres. The subject property is 100% occupied by anchor tenant Hannaford and other tenants including: Kinderhook National Bank, Dollar Tree, Supercuts, and several smaller local tenants.

The subject property is located in the northern portion of Columbia County and is the only grocery anchored center servicing the broader geographic area, serving towns like Kinderhook, Valatie, Chatham, Stuyvesant, Niverville, and others.  The plaza is located just 25 miles from the Albany MSA and 14 miles North of Hudson, NY. Kinderhook is a convenient location with its proximity to the region’s main employment sectors, good accessibility, and consistent levels of demand, equating to a continuation of positive trends expected to continue into the foreseeable future.