Axiom Capital Corporation has arranged a $11,000,000 permanent loan for the refinance of a ground lease in New York, NY. The non-recourse loan was interest only for 10 years at a fixed rate.
The property development plan contemplates demolishing the existing on-site improvements to make way for the construction of a large mixed-use project that will contain 44,000 gross square feet of commercial space and 428,611 gross square feet of residential space (approximately 500 units of apartments) with an affordability component across 25% of the space.
The property is located in an area that is anticipated to see significant public and private investment due to an initiative by the city to spur growth. Inwood is one of 15 neighborhoods across the city that are working through the rezoning process to spur economic development, improve infrastructure and amenities, and accommodate the Mayor’s plan to facilitate the construction and preservation of 300,000 units of affordable housing by 2026. Inwood is a vibrant mixed-use community full of apartment buildings, shops and businesses, and community facilities such as schools and houses of worship.