Permanent Loan - Refinance$28,500,000
188 Apartment Units & 22,948 SF Retail Space
Saratoga Springs, NY
Axiom Capital Corporation has arranged the closing of $28,500,000 in permanent financing for a luxury apartment complex in Saratoga Springs, NY. The non-recourse loan was closed with a correspondent life insurance company at a fixed rate for 15 years (two years interest only, then amortized over a 30 year schedule). The loan metrics demonstrated a 1.57x Debt Service Coverage and a 64% Loan to Value.
The subject property contains 188 garden style apartment units, totaling 166,743 square feet, and 22,948 square feet of ground floor retail/commercial space. The complex was constructed between 2011 and 2012 and is situated on 12.59 acres. 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.