Permanent Loan - Refinance$19,500,000
120 Unit Apartment Complex - Phase II
Saratoga Springs, NY
Axiom Capital Corporation arranged the closing of a $19,500,000 permanent loan for the refinance of a 120 unit apartment complex in Saratoga Springs, NY. The 15 year, non-recourse loan was closed at a fixed rate with a correspondent life insurance company. The loan demonstrated a 69% Loan to Value and a 1.60x Debt Service Coverage amortized over 30 years with interest only payments for one year.
The subject property contains 120 apartment units and 12,072 square feet of commercial space all within 8 buildings situated on 7.82 acres. The largest of the buildings is four stories with 52 units, interior parking, and first floor commercial including a fitness center. Luxury amenities at the property include: secure access, covered and secure parking, open floor plans, cable and wireless internet included, full-size washer/dryer in each unit, gourmet kitchens with stainless steel appliances, granite kitchen and bathroom countertops, and hardwood and tile flooring.
The subject property is well located just 2.5 miles outside of Downtown Saratoga and is a short commute to the Saratoga Racetrack, Saratoga Racino, Global Foundries, Stewart’s Corporate Headquarters, and the Saratoga Performing Arts Center. The property is located in Saratoga County, in the Albany MSA, which is becoming a world leader in Nano and semiconductor research and manufacturing. Many national publications like Time, Forbes, Real Estate Forum, and the Wall Street Journal have named the region “The Silicon Valley of the East”. Most recently, Forbes listed the region as number four on its list of top 100 MSA’s for job growth.