Permanent Loan - Acquisition$24,200,000
234 Unit Apartment Complex
Axiom Capital Corporation has arranged the closing of $24,200,000 in permanent financing for the purchase of an apartment complex in Malta, NY. The 10 year, non-recourse loan, closed at a fixed rate with a correspondent life insurance company. Loan metrics demonstrated a 65% Loan to Value and a 1.77x Debt Service Coverage amortized over 30 years.
The subject property is a 234 unit Class A apartment complex comprised of 24 two story buildings situated on a 29 acres parcel that is adjacent to a nature preserve. Apartment amenities include individual entries, direct access garages, full size washer and dryers, 9 foot ceilings, walk in closets, and patios or balconies. Community amenities include: pet friendly policies, a pool, large club house and leasing center, business center, 24 hour fitness center, yoga studio, indoor children’s play area, and direct access to the forever wild Malta wilderness area with hiking, biking, and walking trails. The community was built in 2006 and has enjoyed a historical occupancy that has exceeded 96% since construction.
The community has a prime location in the town of Malta, NY, a suburb of Saratoga County directly just south of Saratoga Springs. The property is well located within five minutes of Exits 12 and 13 of I-87, which serves as a major transportation corridor from New York City to the Canadian border, and is situated on Route 9, a secondary North/South thoroughfare. Saratoga County is one of the fastest growing areas of NY State due to its growth in technology-related industries including Global Foundries, whom built its rapidly expanding computer chip manufacturing plant in Malta in 2012, just five minutes south of the subject property.