Permanent Loan - Refinance$17,600,000
112 Room Extended Stay Hotel
Clifton Park, NY
Axiom Capital Corp. has structured a $17,600,000 permanent loan for the refinance of an extended stay hotel in Clifton Park, NY. The 10 year, fixed rate, non-recourse loan demonstrated a 63% Loan to Value and a 1.87x Debt Service Coverage amortized over 30 years.
The subject property is an upscale extended stay hotel with 112 rooms comprised of studio, double, one-bedroom, and two-bedroom suites. It finished construction and opened for business in mid-2014 with the most successful hotel opening in Capital Region history. Occupancy in the hotel’s first full year was an incredible 87% and continues to increase with T-12 occupancy at 88% at the time of closing. Each room features a fully-equipped kitchen with pantry area, refrigerator, stovetop, microwave, dishwasher, and all flatware, pots/pans, and cleaning supplies. Some of the hotel amenities include: complimentary Wi-Fi, hot breakfast buffet, outdoor BBQ & picnic area, modern fitness center, meeting space, business center, guest laundry, an indoor/outdoor pool and a whirlpool.
The property is strategically located approximately one half mile off Exit 9 of I-87 (The Northway) in Clifton Park, the thriving commercial epicenter of Southern Saratoga County. The Residence Inn is minutes from major dining, shopping, entertainment, and business centers, and is halfway between Albany and Saratoga Springs, allowing for a quick 15-minute drive to both. Global Foundries, and a host of other major tech companies, are just a few minutes north of the subject in the town of Malta, and SUNY Polytechnic is just 10 minutes south in the City of Albany.