Permanent Loan - Refinance$6,665,000
58 Unit Townhome Apartment Complex
Axiom Capital Corporation has arranged $6,665,000 in permanent financing for a 58 unit townhome apartment complex 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% Loan to Value and a 1.35x Debt Service Coverage amortized over 30 years.
The subject property, built between 2009 and 2012, is an upscale townhouse-style apartment complex. The site improvements consist of 15 apartment buildings with a total of 58 apartment units totaling 90,800 SF. The unit mix is made up of two and three bedroom units averaging 1,566 SF. Each unit has a private, direct-access, one-car garage.
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.