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Jewel Capital Arranges $1,770,000 in Acquisition Financing for an Office Condo in Queens, NY

July 19, 2017

 

Jewel Capital negotiated $1,770,000 in financing for the acquisition of a single-tenant office condo located in Flushing, Queens. The 15-year acquisition loan, provided by a commercial bank, features a competitive interest rate of 4.5% and is being used to acquire the office condo with a total purchase price at $2,760,000. Our client is a real estate investor with over 15 years of experience. Deeply understanding our client’s long-term business plan and financing needs, we approached the most suitable lender to achieve the optimal term.

 

PROPERTY

The property is an office condominium unit in the Flushing, New York. The unit with a net usable area of 2,116 square feet and a net rentable area of 2,751 square feet is 100% leased. The unit is situated in a mixed-use (office, retail, and residential) development project known as Flushing Commons.
 

NEIGHBORHOOD

Flushing is a neighborhood in the north-eastern part of the New York City—the northwesternmost corner of Long Island across the East River from Manhattan Island—and the northwesternmost corner of the borough of Queens. Downtown Flushing, centered on the northern end of Main Street in Queens, is a large commercial and retail area and is the fourth largest central business district in New York City.

 

Flushing is part of the Fifth Congressional District, which encompasses the entire northeastern shore of Queens County, and extends into neighboring Nassau County. Flushing is served by five railroad stations on the Long Island Rail Road Port Washington Branch, as well as the New York City Subway's IRT Flushing Line (7 train), which has its terminus at Main Street. The intersection of Main Street and Roosevelt Avenue is the third busiest intersection in New York City, behind Times and Herald Squares.

 

 

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.

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