Permanent Loan - Refinance$13,000,000
166,000 sf, 4 Building, Office Portfolio
Axiom Capital Corporation has arranged $13,000,000 in permanent financing for the refinance of a four building office portfolio in the Town of Colonie, within Albany County, NY. The loan was closed with a life insurance company for a seven year term, with a seven year extension option, at a fixed rate. The loan demonstrated a 1.89x Debt Service Coverage, at a 66.3% LTV amortized over 25 years.
The portfolio totals 165,583 SF of class B++ office space, constructed between 1994 and 2008. While the portfolios’ primary tenancy is made up of medical office tenants, there are also several professional office tenants, as well as an onsite day care center for tenant’s employee’s children. The portfolio is 98.7% occupied and has historically maintained better than 96% occupancy. Many of the tenants have been at the park since construction began.
The subject property is located in the Town of Colonie, within the Capital District Region of NY. Economically, the Capital Region is one of the nation’s most stable and best growth markets. The portfolio is situated on 15.74 acres in the “Executive Woods” Office Park, strategically located approximately ¼ mile off of Interstate 90, one of the main keys to the portfolio’s strong occupancy rates.