Permanent Loan - Refinance$15,000,000
360 Unit Apartment Complex
Axiom Capital Corporation has arranged a $15,000,000 permanent, self-liquidating, financing for a garden/low rise apartment complex located in Glenville, NY. The 20 year self-liquidating, non-recourse, loan was closed with a life insurance company at a fixed rate and demonstrated a 1.90x Debt Service Coverage at a 51% LTV.
The subject property contains 360 units located within 33 two-story buildings with 258 garages and a total net rental footprint of 445,701 SF. The subject property buildings were constructed between 1982 and 2007 and have historically experienced an occupancy level exceeding 95%.
The subject property is located within the Capital District region of NY, one of the Nation’s most stable and top growth markets, within the suburb of Glenville a preferred suburban location within the area. Located within a three mile radius of the subject property are four of the area’s largest employers: the corporate headquarters of The Golub Corporation (parent company of Price Chopper Supermarkets), the world headquarters of GE Power Systems Manufacturing, the GE Global Research facility, and Knolls Atomic Power Laboratory a joint venture between NASA & GE.