Permanent Loan - Acquisition$9,750,000
5,294,117 cu. ft. Frozen Food Warehouse
Axiom Capital Corporation has arranged $9,750,000 in acquisition financing for a frozen food warehouse in Avon, MA. The non-recourse loan was closed with a bank at a fixed rate for a five year term with a five year extension option. The loan demonstrated a 75% Loan to Value and a 1.63x Debt Service Coverage amortized over a 30 year period.
The subject property is a 5,294,117 cubic foot industrial cold storage facility, situated on a 10.13 acre lot, which was constructed in 1988 and renovated in 2009 and 2012. The building is 100% leased to Preferred Freezer Services. Preferred Freezer Services offers the most modern, state-of-the-art, full service temperature controlled warehouses in the US. The company has become one of the largest public refrigerated warehousing companies in the world with close to $200 million in sales, 1,300 employees, and 31 facilities nationwide.
The subject property is located in the Avon Industrial Park within the Boston MSA. The property is well located just three minutes from the Route 24 expressway (a major north/south arterial crossing southern MA between Route 128 and Fall River), 23 miles from Logan International Airport, and 21 miles from The Boston CBD. The Boston MSA is the 10th most populous MSA in the nation with a 0.5% per year growth projection from 2013-2018. As of 2013, median household income within the MSA was $69,240, above the state level of $63,748.