Permanent Loan – Acquisition$4,593,750
30,000 sf Grocery Store
Fall River, MA
Axiom Capital Corp. announces the closing of a $4,593,750 permanent loan for the refinance of a free standing grocery store in Fall River, MA. The 5 year non-recourse loan was closed at a fixed rate and had an option to extend the term for an additional 5 years. The loan demonstrated a 71.5% Loan to Value and a 1.77x Debt Service Coverage Ratio amortized over 30 years.
Built in 2005, the subject property is a 30,000 SF grocery store 100% leased by PriceRite. The location is one of the five highest grossing locations in the PriceRite chain’s Massachusetts, Connecticut, and Rhode Island footprint experiencing average weekly sales of $370,000. The PriceRite chain was established in 1995, and is owned by Wakefern Food Corporation headquartered in Elizabeth, NJ. As of year-end 2014, they had 58 stores throughout Connecticut, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, Rhode Island and Virginia.
Located in the City of Fall River in Bristol County Massachusetts, the subject property is 10 miles northwest of New Bedford, Massachusetts and 15 miles southeast of Providence, Rhode Island. With easy accessibility from I-195 Exits 6 or 7, the store offers quick stop shopping and has ample parking. The population of Fall River is estimated at more than 89,000, making it the 10th largest city in the state. The city’s residents are primarily Portuguese and PriceRite accommodates for this by stocking a large number of ethnic produce and food items in addition to the affordable staple groceries that the chain is known for.