Jewel Capital, New York’s most active market challenger, arranged $3.9 million in construction financing for the development of an 8-story 13-unit condominium project located in Long Island City, Queens, on behalf of a group of Chinese Developers.
The 24-month loan, provided by a full-service, vertically integrated real estate investment firm, features a fixed rate and no prepayment penalty. This transaction was negotiated by Samuel Li, the founder, and CEO of Jewel Capital.
The property is a 2,500 SF development site located in Long Island City, closed to the Queensboro Plaza subway station. The property is planned as an eight-story and cellar level mixed-use condominium apartment building consisting of 12 units (8,045 SF) on the 2nd to 8th floors and 1 retail condo unit (1,750 SF) on the ground floor and mezzanine level.
“Condo construction loan is like the needle in a haystack in current market condition. Jewel Capital appreciates the experience and expertise from the sponsor team and leveraged relationship with alternative lenders to make this deal happen.” said CEO of Jewel Capital, Samuel Li, “Thanks to the professional and creatively efforts of my team, the deal has closed seamlessly in one month.”
Long Island City (LIC) is the westernmost residential and commercial neighborhood of the New York City borough of Queens. LIC is noted for its rapid and ongoing residential growth and gentrification, its waterfront parks, and its thriving arts community. LIC has among the highest concentration of art galleries, art institutions, and studio space of any neighborhood in New York City. Its waterfront is now lined with upscale, glassy new developments that are home to many young professionals looking for luxury amenities and convenience to Midtown at slightly discounted prices. According to the StreetEasy, the median rent of residential unit in LIC is $2,450/month and the median household income is $59K.
Founded in 2013, 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. We are dedicated to provide our clients with tailored, best-in-class financing solutions.