Berkadia Closes $15.4M Refinancing Loan for Retail Property in New York

by Amy Works

LATHAM, N.Y. — Berkadia has closed a $15.4 million refinancing loan for Latham Crossing, a retail property located in Latham. The 10-year, fixed-rate loan, which was provided by a conduit lender, features a 30-year amortization schedule with 2 years of interest-only payments, a 75 percent loan-to-value ratio and 1.25 times debt-service coverage. Located at 609 Troy Schenectady Road, the 100,000-square-foot center is fully occupied by a variety of tenants, including PetSmart and Staples. John DiCrocco of Berkadia’s New York City office arranged the financing for the undisclosed borrower.

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