Permanent Loan - Acquisition
- 99,400 sf Grocery Anchored Retail Plaza
- Montgomery, NY
Axiom Capital Corporation arranged the closing of a $16,500,000 permanent loan for the refinance of a grocery anchored retail plaza in Montgomery, NY. The 6.5 year, non-recourse, loan closed at a fixed rate. The loan metrics demonstrated a 75% Loan to Value and a 1.55x Debt Service Coverage amortized over 30 years.
The 99,400 SF plaza was constructed in 1995. Anchor tenant ShopRite occupies 56,000 SF or 56.3% of the plaza, the remaining 13 tenants are a mix of nationally known (Rite Aid & H&R Block) and local tenants. ShopRite is operated by Wakenfern Food Corporation. In 2013 Wakenfern completed a $3.5 million renovation of the site and extended the lease on the center until 2030. Wakenfern, is the largest retailer-owned cooperative in the US and in 2014 was ranked 16th by sales volume among all supermarket operators in the US.
The property is located Town of Montgomery is located in the North Central portion of Orange County between Newburgh and Middletown, NY. The town benefits from exceptional access and transportation routes. Orange County has emerged as one of the most desirable areas for living and investing in the NYC Metro area. The county is the 2nd fastest growing county in NY with a population growth rate of 12.65% since 2000 and similar forecast into the foreseeable future.