Bridge Loan - Refinance$13,750,000
101,684 sf Mixed Use (Office & Retail) Building
Axiom Capital Corporation has arranged $13,750,000 in bridge financing for a mixed use building in Richmond, VA. The three year loan included a one year interest only period. At the time of closing the loan demonstrated an 82% Loan to Value and a 1.29x Debt Service Coverage amortized over 25 years.
The property was constructed in 1918 and has 101,684 SF of net rentable space. 81,953 SF is leased to office tenants with the remaining 19,731 SF leased to retail/restaurant tenants. In 2002 the building was purchased by the current owners who dedicated $16.5 million into redeveloping and renovating the space from 2002 to 2003. Since the renovations the property has maintained an occupancy level between 90-95%.
The subject property is extremely well located within the City of Richmond, VA in the Shockoe Slip historic district of the Richmond MSA. Richmond is situated at the end of the navigable portion of the James River, which bisects the city. It is approximately 100 miles south of Washington DC and is midway between Atlanta and Boston. The Greater Richmond area is home to several Fortune 500 Companies including: Dominion Power, Genworth Financial, CarMax, Owens & Minor, Universal, Brinks, and Markel & Massey Energy.