Permanent Loan - Refinance$1,600,000
10,908 sf Single Tenant Retail Building
Axiom Capital Corp. has structured the financing of a $1,600,000 permanent loan for the refinance of a single tenant retail building in Rotterdam, NY. The non-recourse loan was for 10 years at a fixed rate and demonstrated a 60.2% Loan to Value and a 1.67x Debt Service Coverage amortized over 25 years.
The property is a 10,908 SF single tenant building located on a 4.1 acre parcel at the intersection of Crane St. & Altamont Avenue, a major retail corridor & east/west thoroughfare in Rotterdam. The subject experiences a traffic count of 10,000-25,000 cars per day. Neighboring retailers include Staples, Wal-Mart, a grocery anchored shopping center, several banks and restaurants, and automotive care facilities. The property is 100% occupied by Rite Aid Corporation, one of the nation's leading drugstore chains, with ~4,600 stores, and ~89,000 associates, in 31 states. They are currently the largest drugstore chain on the east coast, the third largest in the US, and have a strong presence on the West Coast.
Located in Schenectady County, Rotterdam is situated just 10 miles West of Albany, the capital of NY. Rotterdam is a gateway to Upstate NY with three exits from I-90 (Exits 25, 25A, & 26) which crosses the NE from Boston to Buffalo. Exit’s 25 & 26 of I-90 connect to I-890, running from the City of Schenectady to the Town of Glenville. Exit 25A connects to I-88, running from Schenectady to Binghamton. The Mohawk River borders Rotterdam to the North and provides several miles of beautiful riverfront. Rotterdam is one of the top suburban office and industrial centers in the area, and in recent years has been expanding through businesses that tap the highly educated workforce.