JEWEL CAPITAL, a boutique commercial real estate finance and advisory firm, has arranged a $1,100,000 cash-out 30- yea r refinance loan secured by a four-story multi-family building located in Elmhurst, New York. With a competitive 3.4% fixed interest rate and 66.7% LTV, this loan is to be used to pay off existing mortgage of the subject property and to invest on other properties. There was no origination fee involved in this deal.
The loan was arranged by Samuel W. Li, founder & CEO of Jewel Capital. According to Mr. Li, Jewel Capital’s sweet spot as a real estate advisor for commercial mortgage or development projects is $1 MM to $50 MM. The subject property, located in the Elmhurst neighborhood of Queens, NY, is near the intersection of 90th St. and 53rd Ave. The property is a four-story building with 7 units totaling 4,673±square feet. The building was completed in 2010.
Elmhurst is a middle-class neighborhood in Queens, NY. It is bounded by Roosevelt Avenue on the north, the Long Island Expressway on the south, Junction Boulevard on the east, and the New York Connecting Railroad on the west. Subway stations include Jackson Heights-Roosevelt Avenue, Woodhaven Boulevard, Grand Avenue-Newtown, and Elmhurst Avenue, all served by the E M R trains. In addition, the local and express 7 trains, run along Roosevelt Avenue. Buses include the Q11, Q21, Q29, Q38, Q52, Q53, Q58, Q59, Q60, Q72, and Q88. By 2013, Elmhurst had a population of 96,000 people who was mainly formed by Asians (49%) and Hispanics (38%). The Median age of the population was 35.8 (2013). The median household income of this area in 2011 was $45,585. Elmhurst is the second rapid area converting to a Chinatown in Queens, after Flushing. Many Southeast Asian businesses and shops are also available in the area, including Malaysian Chinese, Singaporean Chinese, Indonesians, Thais, and Vietnamese.
JEWEL CAPITAL is a boutique New York-based commercial real estate finance and advisory firm. By leverage our unique lender relationships developed over the years, we are able to provide our clients with tailored, best-in-class financing solutions primarily in the Greater New York metropolitan area. At Jewel Capital, we are committed to guide our clients through every step of the deal-making process, and we hope to add a “Personal Touch to Your Financing Needs”.
For more information about JEWEL CAPITAL, please contact:
Tel.: +1 (347) 535-1314 Ext. 101
Fax: +1 (347) 535-1314