Permanent Loan - Refinance
- 79,609 sf Grocery Anchored Retail Plaza
- Catskill, NY
Axiom Capital Corporation has arranged $5,400,000 in permanent financing for the refinance of a grocery anchored retail plaza in Catskill, NY. The non-recourse loan was closed with a correspondent life insurance company at a fixed rate for a 10 year term amortized over 25 years. The loan demonstrated a 1.85x Debt Service Coverage and a 60% Loan to Value.
The subject property is a 79,609 square foot retail plaza which was constructed in 1999 and is situated on an 8.07 acre lot. The property is 100% occupied by 10 tenants, including anchor tenant Price Chopper, junior anchor Dollar Tree, and several other national and local retailers. Price Chopper, owned by the Golub Corporation, is a regional grocery chain with annual sales of approximately $3.8 billion and 130 stores operating in six states (New York, Massachusetts, Vermont, Connecticut, Pennsylvania, and New Hampshire).
The plaza is extremely well located and serves the market with little to no competition. The subject is located within Green County in the Albany MSA, one of the Nation’s most stable and top performing MSA’s economically. The area is endowed with many higher educational facilities, a skilled labor force, excellent transportation systems, and land available for development, scenic, recreational and cultural activities.