Permanent Loan - Acquisition$3,650,000
39,828 sf Office Portfolio
Axiom Capital Corporation announces the closing of a $3,650,000 permanent loan for the purchase of two office buildings in Pikesville, MD. The non-recourse loan was closed at a fixed rate for 10 years with two years of interest only payments. The loan demonstrated a 75% Loan to Value and a 1.76x Debt Service Coverage amortized over 30 years.
The property is comprised of two two-story office buildings totaling 39,828 gross leasable SF located on a 2.68 acre parcel. The first building contains 26,662 SF built in 1985 with renovations in 2000 and the second building contains 13,166 SF built in 2000. The properties have recently undergone improvements including: a new roof, replacement windows, newly updated or replaced HVAC units, and updated common areas. The buildings are leased to a mixture of 16 professional and medical tenants.
The subject property is located in Baltimore County, MD within an area that offers vast amenities such as restaurants, shopping, a post office, and financial services. The buildings are easily accessibly with their close proximity to I-695 as well as major roadways of Reistertown Road, Old Court Road, and Liberty Road. Bedford Square is an established asset in the heart of the Reistertown Road business corridor. For related medical tenants there are two local hospital located only a few miles away, Sinai Hospital just 4.5 miles and Northwest Hospital Center only 3.6 miles. The subject market is strong; according CoStar, at the end of 2014 there was 2.9 million SF of space with a vacancy rate of 2.6% and asking rents of $18.18/SF.