Axiom Capital Corporation has arranged a $2,025,000 permanent loan for the acquisition of a drug store in North Kingstown, RI. The non-recourse loan was for 5 years at a fixed rate. The loan also offered a 5-year extension option.
The subject consists of an existing retail property containing 10,080 square feet of gross leasable area, which is 100% leased to CVS. The improvements were constructed in 1982 and renovated in 2003-2004. The site contains a gross area of 1.93 acres
The property is located 18 miles from downtown Providence and is located in the Washington County retail sub-market according to CoStar. The submarket is strong with an average vacancy rate of 4.1% for retail.