AXIOM ARRANGES $8.3M LOAN FOR GROCERY DEVELOPMENT
CHATHAM, N.Y. — Axiom Capital has arranged $8.3 million in construction financing for a stand-alone grocery store development in Chatham, located about 25 miles south of Albany. The non-recourse, 10-year loan includes an initial 12-month interest only construction period, which will convert to a 30-year amortization schedule after. The loan also features a five-year extension option. The 45,000-square-foot grocery store will be built on a seven-acre site. The property is slated for a mid-July 2014 completion date and will be fully leased to Price Chopper.