Axiom Capital Corp. has arranged $6,500,000 in permanent financing for the refinance of a grocery anchored retail plaza in Greece, NY. The non-recourse loan was for 10 years at a fixed rate amortized over 30 years. The loan demonstrated a sub 60% LTV with a strong DSCR.
The Plaza is anchored by a Tops Markets (“Tops”) and includes an on-site pharmacy and fueling station. The Plaza is also home to four inline tenants – Hair Zoo, Bella’s Greece Hots, Pizza Hut and a State Farm Office. Tops has been a tenant at the plaza for more than 25 years.
The property is 6.5 miles from downtown Rochester. Rochester is the third most populous City in New York State with a population of over 200,000 people. The Rochester Metropolitan Statistical Area has a population of more than one million people. Rochester is home to Fortune 1000 and international businesses, including Paychex Inc., as well as several national and regional companies such as Carestream Health.