Permanent Loan - Refinance$4,950,000
164,832 sf Retail Plaza
Axiom Capital Corporation announces the closing of a $4,950,000 permanent loan for the refinance of a retail plaza in Plattsburgh, NY. The 7 year fixed rate loan demonstrated a 58.9% Loan to Value and a 2.26x Debt Service Coverage Ratio amortized over 20 years.
The subject property has long been one of Plattsburgh’s most successful neighborhood centers and has been continuously owned since 1973 by prominent attorneys and developers. The plaza is leased by a good mix of local and nationally known tenants such as; Center Stage Dance Studio, Bridal Boutique, Good Karma Pet Grooming, Family Dollar, Big Lots, Champlain Valley Physicians, and AllState Insurance. The variety of tenants offers the surrounding population the convenience to fulfill a host of everyday needs. Champlain Valley Physicians, is the plaza’s largest tenant occupying 51,000 SF, of which 16,000 SF was added when signing a recent early renewal of their lease. Champlain Valley Physicians is part of the four hospital Vermont Health Network,
The shopping center is strategically located on a prime 20.8 acre site in the heart of Plattsburgh’s shopping district. It is situated within the breathtaking Lake Champlain Valley in NY State’s Adirondack Mountain Region. Plattsburgh is within easy reach of the state’s capital city of Albany, the Lake George region, the Canadian border city of Montreal, and Burlington, VT. Neighboring to the west of Plattsburgh is world renowned Lake Placid, home of the 1980 winter Olympics and year-round resort and Olympic training center.