JEWEL CAPITAL, a boutique commercial real estate finance and advisory firm, has arranged a $3,100,000 bridge loan secured by a vacant two-story building located in New York City. This bridge loan was aiming to pay off maturing private loan on this property to buy more time for pre-development process. The subject property was in the stage of finalizing building design and plans. The development site was purchased for $2,480,000 in 2011.
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 from $500K to $50M.
The property, located in the Sutton Place neighborhood of Manhattan, is near the intersection between the 59th Street and the 2nd Avenue. The Property is a 2-story building, with a total area of 2,500 square feet. The existing structure was built in 1900 and was the former home of an art gallery.
Sutton Place neighborhood runs from the 53rd Street to the 59th Street and is bounded on the east by the East River and on the west by the Second Avenue. Being one of the most densely populated markets in the country, Sutton Place is considered one of the city's most affluent areas and is known for upscale apartments and offices. This makes the area an attractive living and working option. The transportation of this area is facilitated by 9 subway lines and over 10 bus lines. By 2013, this area has accommodated over 81,000 resident with a median age of 39.7. The median household income (2011) was $32,407 per year.
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 (212) 231-9783
Fax: +1 (347) 535-1314