Permanent Loan - Refinance$25,050,000
130,872 sf, 5 Building, Office/Retail Portfolio
West Hartford, CT
Axiom Capital Corporation announces the closing of a $25,050,000 permanent loan for the refinance of a five building office and retail portfolio in West Hartford, CT. The 10 year, non-recourse loan was closed at a fixed rate. The loan demonstrated a 74% Loan to Value and a 1.38x Debt Service Coverage amortized over 30 years.
The portfolio is comprised of five properties all located within a half mile of each other in downtown West Hartford. The properties were purchased in 2005 and together total to be 130,872 SF with a 94% combined occupancy rate. The offices are home to national and local tenants including MetLife, Scottrade, Hooker & Holcombe, Eagle Investments, Becker’s Jewelry, Webster Bank and White Mountain Financial. There is a strong stability in the portfolio with 37 of the tenants, making up 73,000 SF, having occupied their respective spaces since at least 2008.
The portfolio is located in an extremely desirable location in West Hartford, which was voted one of the ten best cities of the decade by Kiplingers, situated near West Hartford’s Downton shopping district and Blueback Square. The retail submarket of downtown is currently very strong with a total of 11.9 million SF and a vacancy of just 4.3%. With the central positioning of West Hartford in CT, the properties enjoy quick travel to NYC, Boston & the remaining NE.