Permanent Loan – Refinance$8,500,000
51,440 sf Medical Office Building
Axiom Capital Corporation structured and arranged the closing of an $8,500,000 permanent loan for the refinance of a medical office condominium building in Fishkill, New York. The seven year, non-recourse loan was closed at a fixed rate and demonstrated a 2.0x Debt Service Coverage Ratio amortized over 30 years.
The subject property is a 51,440 SF condominium located within a larger 130,000 SF office building built in 2001. The condo was 100% occupied at closing by 14 medical and professional tenants including: University Orthopaedics, Craig Austin Dermatology, eRiver Neurology of New York, and Westage Management. Vassar Brothers Medical Center owns the majority of the remaining space in the building.
The subject property is situated on 10.35 acres in the Westage Business Center, a mixed-use business park located at the intersection of Interstate I-84 and US Route 9. The Business Center is the dominant office park in the Fishkill, NY area as well as the entire I-84 corridor from Danbury, CT to Poughkeepsie, NY. Tenants of the Business Center include a luxury senior apartment complex, a Super Walmart, Sam’s Club, several hotels, a multi-tenant shopping center anchored by Shop Rite, three office/medical office buildings, and a host of restaurants and other service providers. The Business Center services a six county area with a growing population exceeding 1.5 million. Fishkill, NY is located in Dutchess County and is considered to be a suburb of New York City located just 50 miles to the south.