JEWEL CAPITAL, a boutique commercial real estate finance and advisory firm, has arranged a $6,980,000 construction loan secured by a development site located in Flushing, Queens. With a competitive interest rate floating at WSJP plus 1%, this construction loan at 68.4% Loan To As-Complete-Value was to fund the entire construction of the project. In addition, the loan was a -year fully-amortized loan.This construction loan will be gradually retired along with the future sale.
The loan was arranged by Samuel W. Li, founder of Jewel Capital. According to Mr. Li, Jewel Capital’s sweet spot as real estate advisors for development or redevelopment projects is $1MM to $50MM. The subject property, located in the Flushing neighborhood of Queens, is near the intersection between the 38th Avenue and the 147 Street. The property is a development site with a lot area of 6,750 SF. The proposed construction is a new, 6-story, 32,162 gross square foot, residential condominium building. The construction is expected to be finished in 2018. Flushing, the largest commercial and retail area and the fourth largest central business district in New York City.
Flushing is served by five railroad stations operated by the Long Island Rail Road bounded to the Port Washington Branch, as well as the New York City Subway’s #7 line whose terminus at Main Street. The intersection of Main Street and Roosevelt Avenue is the third busiest intersection in New York City, after the Times Square and Herald Square. Flushing Chinatown is one of the largest and greatest growing ethnic Chinese community outside of Asia. Expanding rapidly, the Flushing Chinatown now rivals Manhattan’s Chinatown for being the center of Chinese-speaking New Yorkers’ politics and trades. Resident’s median age was 40.2 and the median household annual income was $44,587 in 2011.
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”.
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Tel.: +1 (212) 231-9783
Fax: +1 (347) 535-1314