Jewel Capital has arranged an acquisition loan for a development site with a private lender in Sunset Park, Brooklyn. This two-year loan carries a fixed-rate of 9% and is being used to acquire the property with a total purchase price at $9,900,000. The borrower intended to demolish the existing structure and develop it into a mixed-use building.
Fast Closing: It took only one month from initial application to loan closing. Jewel Capital saved borrower a lot of time and streamlined the loan process.
Optimal Loan Terms: Jewel Capital aggressively negotiated the loan terms with lenders and successfully obtained a term sheet that well exceeded the client’s expectation.
The property was a 20,000-SF land improved by a one-story warehouse in Sunset Park, Brooklyn. It was delivered with a month-to-month tenant. The borrower plans to redevelop the property into a 48,000-SF, 5-story mixed used building including one supermarket, one on-the-ground parking floor, and 3-story community facility for medical use.
Sunset Park is one of the major living areas of Chinese Americans in Brooklyn, New York. It is a place with a long history for Chinese American is gradually becoming the trade center in Brooklyn. In the 1980s, Sunset Park became the location of the borough's first Chinatown, which is located along 8th Avenue from 42nd to 68th Street and has rapidly attracted many Chinese immigrants. In recent years, the population of Chinese American in Sunset Park has boosted, and thus accelerated the old districts’ renovation and the real estate business development, especially in the community-service area. The featured property is located on the Eighth Avenue, one of the busiest business districts around the area, which directly meet the market needs and benefit the whole community.
The borrower has been involved in the real estate industry for more than 20 years. Originally, he co-founded and ran a few NYC Chinese real estate magazines in the late 90s. Starting in early 2000s, he began to invest and develop real estate properties mostly in Queens and Brooklyn. In recent years, his development projects were mainly concentrated in popular neighborhoods such as Long Island City, Flushing and Sunset Park.
JEWEL CAPITAL is a fast-growing commercial real estate capital advisory firm based in New York City. We are specialized in structuring and placing debt, mezzanine and equity financing in Northeast region. Our most competitive advantage is to provide our clients with tailored, best-in-class financing solutions.