- 85,556 sf Grocery Anchored Retail Plaza
- Newburgh, NY
Axiom Capital Corporation has arranged $4,000,000 in permanent financing for a grocery anchored retail plaza in Newburgh, NY. The non-recourse loan was closed with a bank at a fixed rate for a five year term with a five year extension option. At the time of closing, the loan demonstrated a 50% Loan to Value and a 2.37x Debt Service Coverage amortized over 25 years.
The subject property is an 85,556 SF retail plaza situated on 12.35 acres. At the time of closing, the property was 93% occupied, by national retail tenants and several local tenants, and has enjoyed a strong historical occupancy and financial performance. The plaza is anchored by Associated Supermarket, a local supermarket offering specific products not available at other regional grocers and major retailers. The property is shadow-anchored by Target, which is physically attached to the center adjacent to Payless Shoe’s.
The subject is located in the Town of Newburgh, in Orange County NY, 60 miles north of New York City, 90 miles south of Albany, on the Hudson River, and at the Crossroads of I-87 and I-84. Newburgh is a principal city of the Poughkeepsie-Newburgh-Middletown MSA, which includes all of Dutchess and Orange Counties. Recently, the region was highlighted as one of the top 10 smaller cities in the U.S. by Forbes and the Brookings Institute. The rating was a result of the region’s 9.5% growth; in part due to the region’s proximity for commuting and daily business access to the New York City metro market as well as the region’s significant technology base (including IBM’s headquarters).