Permanent Loan – Refinance$12,000,000
103,214 sf Grocery Anchored Retail Plaza
Axiom Capital Corporation has structured a $12,000,000 permanent loan for the refinance of a grocery anchored retail plaza in Ogdensburg, New York. The 7 year, non-recourse loan was closed at a fixed rate and demonstrated a 75.9% Loan to Value and a 1.45x Debt Service Coverage Ratio amortized over 25 years.
The subject property is comprised of 103,214 SF, of which 54.2% is occupied by grocery anchor tenant Price Chopper Supermarkets. The grocer has leased space at the plaza since 1989 and in that time has increased the size of their store twice to their current 54,092 SF foot print. Price Chopper is a dominate grocery provider in the Ogdensburg-Massena area with this location boasting weekly sales of $500,000. The Price Chopper Supermarket chain currently operates 133 supermarkets in six states and employs more than 24,000 associates. Other national tenants of the plaza include Lowe’s, Dollar Tree, and JoAnn’s Fabrics.
The plaza is situated on 34.7 prime acres directly on Route 37 and Route 812, Ogdensburg’s primary commercial corridor. It serves as a primary destination of shopping and commerce for a large geographic region of smaller communities in northern New York and southern Canada. Ogdensburg, New York is located along the St. Lawrence River and is the central port on the Saint Lawrence Seaway, which connects the Great Lakes with the Atlantic Ocean. The Seaway accounts for $3.4 billion of inbound and outbound US overseas transportation of cargo containers, steel, produce and mining production. The Prescott International Bridge is the only border crossing over the St. Lawrence River and connects Ogdensburg and Montreal, Canada.