Construction - Permanent Loan$2,080,000
16 Unit Apartment Complex - Phase II
Axiom Capital Corporation has arranged a $6,750,000 permanent loan and a $2,080,000 construction to permanent loan for two-phase apartment complex in Colonie, NY. Both loans were made for seven year terms, with five year options, and were amortized over 30 year schedules. The $6.75 million permanent loan was non-recourse with a fixed rate. The $2.08 million construction-permanent loan had an initial 12 month interest only period with a fixed rate thereafter.
Upon completion of construction, the subject property will contain a total of 60 apartment units within seven two-story buildings and eight garage buildings with a total of 40 stalls. The apartment unit mix will consist of 32 one-bedroom apartments and 28 two-bedroom apartments. Each unit has/will have a dishwasher, a full-sized washer, a full-sized dryer, central air conditioning, and a private covered patio or balcony.
The subject property is located in Albany County within the state of New York. The site is one block west of Wolf Road, one of the Capital District’s primary commercial corridors. The site is only two miles north of the I-87/I-90 interchange. I-87 and I-90 provide rapid connection to major markets throughout the northeastern US and Canada. The Town of Colonie has a favorable geographical location, substantial transportation infrastructure, and a diverse economic base.