Progress Capital Arranges $13.5 Million Acquisition Loan for Hudson River Commons in Troy, NY
Brian Anderson of Progress Capital, a commercial real estate mortgage advisory firm with offices in NY and NJ, has successfully secured $13.5 million in acquisition financing for the purchase of Hudson River Commons, a premier 12.2-acre shopping plaza located in Troy, NY.
Key Loan Terms:
- LOAN AMOUNT: $13,500,000
- INTEREST RATE: 6.80% Fixed for 5-Years
- TERM: 10-years
- AMORTIZATION: 25-years
- LOAN TO VALUE: 75%
- LOAN TO COST: 75%
- PREPAYMENT PENALTY: None
Situated at 120 Hoosick Street in Troy, NY, the property boasts a remarkable 96% occupancy rate and encompasses 129,059 square feet of retail space. Anchored by esteemed national tenants including Big Lots, Family Dollar, Rainbow USA, Friendly’s, Enterprise Rent-A-Car, Subway, Armed Forces Recruiting, and Little Caesar’s, Hudson River Commons is a vital component of the community’s commercial landscape.
Noteworthy features of Hudson River Commons include a freestanding Sonic (Ground Lease) and a separate building housing Starbucks with a convenient drive-thru and Saratoga National Bank. The plaza has undergone significant renovations since 2014, including the installation of a new façade, underground pipes, parking lot enhancements, roof upgrades, and improved pylon sign and lighting infrastructure.
Strategically positioned on Troy’s primary thoroughfare, Hudson River Commons benefits from substantial daily foot traffic and holds the distinction of being the largest shopping center in the area. Serving a diverse and vibrant community of approximately 370,000 residents within a 10-mile radius, the plaza enjoys proximity to Albany, New York’s capital city, offering accessibility and visibility to its 100,000 residents and a total surrounding area population nearing 900,000.
Progress Capital remains at the forefront of the commercial real estate financing industry, consistently delivering innovative solutions and expert guidance to clients across a wide range of markets and asset classes.
