Permanent Loan - Refinance$4,000,000
37 Unit Apartment Building
Axiom Capital Corporation arranged the closing of a $4,000,000 permanent loan for the refinance of a condominium apartment complex located in Philadelphia, PA. The non-recourse loan was closed with a bank for a 12 year term. The loan demonstrated a 63% Loan to Value and a 1.82x Debt Service Coverage amortized over 30 years.
The subject property contains 37 condominium apartment units located within two six-story buildings across the street from one another. The net rentable footprint totals 39,712 square feet, averaging 1,046 square foot per unit. The subject property buildings were constructed in 1857 and 1900, and were 97% leased at the time of closing.
The subject property is located within the Old City section of Philadelphia, PA. The Old City section is located at the eastern end of Center City Philadelphia. Presently, new residential condominium and for rent construction is occurring in multiple locations in the neighborhood. It is one of the city’s popular nightlife destinations and its arts, design and fashion ventures make Old City a sought after destination for culture and commerce. The neighborhoods proximity to I-95 and I-676 (Vine St Expressway) give it excellent access to and from the region as well as to bridges connecting with NJ. In addition, Old City is served by public transportation stations at 2nd and Market Sts with the Market-Frankford Line connecting Center City to Market St. in the west and Frankford Section in the north.