Permanent Loan - Refinance$2,800,000
20 Apartments & 7,100 SF Commercial Space
Axiom Capital Corp. structured and facilitated the closing of a $2,800,000 permanent loan for the refinance of a mixed use building in Yonkers, New York. The 12 year, non-recourse loan was closed at a fixed rate and demonstrated a 70% Loan to Value and a 1.72x Debt Service Coverage Ratio amortized over 30 years.
The subject property is a three story building that was constructed in 1930 and is situated on a 0.25 acre site. The building is home to 20 apartment units and 7,100 SF of commercial space. The unit mix consists of one, two, and three bedroom apartments and seven commercial spaces. The ground floor retail space is fully occupied by many long term tenants such as Yonkers Cabinets since 2005 and the Flower and Garden Shop since 2010. Eighteen of the building’s 20 units have been recently renovated.
Located along the Hudson River, Yonkers is New York’s fourth largest city and the largest city in Westchester County. While serving as the gateway between New York City and the Hudson Valley, Yonkers is also Westchester’s retail center offering the Central Park Avenue corridor, the newly renovated Cross County Shopping Center, and the upscale Ridge Hill shopping complex, as well as many local small businesses and big box stores. The city has a large inventory of commercial, industrial, medical, and new-economy spaces, as well as one of the area’s largest office parks, two hospitals, 40 public schools and several neighborhood shopping districts.