Permanent Loan - Refinance$4,135,000
36 Apartment Units & 9,000 SF Retail Space
Axiom Capital Corporation has arranged $4,135,000 in permanent financing for a multifamily complex with retail space in Wilton, NY. The non-recourse loan was at a fixed rate for a seven year term with a five year extension option. At the time of underwriting, the loan demonstrated a 75.0% Loan to Value and a 1.35x Debt Service Coverage amortized over 30 years.
The subject property consists of 36 apartment units and 9,000 SF of commercial space. The apartment mix consists entirely of two-bedroom/two-bathroom units averaging 1,225 SF each. Each apartment includes a private detached one-car garage. The commercial space consists of six retail units averaging 1,500 SF each.
The subject property is located in the Town of Wilton, within Saratoga County, NY. Saratoga County is part of the Capital Region’s Albany-Schenectady-Troy MSA. NY’s Capital Region has evolved into a technology center and the district is noted for having an educated and skilled workforce. Recently in Saratoga County, GlobalFoundries completed construction of its $6.9 billion chip fab plant employing 2,000+ people. GlobalFoundries is in the process of construction a 500,000 SF R&D facility and anticipate building a second chip fab plant, a combined additional investment of $10 billion. The subject property is situated just 20 minutes north of the Luther Forest Technology Park where GlobalFoundries is located.