Jewel Capital, New York’s most active market challenger, negotiated $1.8 million in bridge financing for the acquisition of an R-5 zoning development site in Queens, NY on behalf of a group of Asian investors.
The 6-month loan, provided by a renowned platform for crowdfunding real-estate development, features an interest of 9% per annum and 6-month extension option. This transaction was negotiated by Samuel Li, the founder, and CEO of Jewel Capital.
The property is a 14,453 SF R-5 zoning development site located in Corona, closed to the Junction Blvd. and 111 St. subway station. The property is planned as a three-story 20-Unit multifamily condominium building contains 3 Three-Bedroom units and 17 Two-Bedroom units and basement & cellar (18,521 SF).
Corona is a densely urban neighborhood (based on population density) located in Queens, New York. Corona median real estate price is $938,977, which is more expensive than 89.7% of the neighborhoods in New York and 96.6% of the neighborhoods in the U.S. The majority of the neighborhood's residents were mostly Italian, German, Irish and of other European ancestries. Corona also has a significant Chinese population.
“Corona is one of the most crowded neighborhoods in all of America. Its proximity to the expanding Flushing makes the neighborhood an indisputable heating market. Our clients are very decisive in actions on this deal.” said Mr. Li. “We feel honored to provide financial support for this deal. And thanks to the professional and creatively efforts of my team, the final LOI has been obtained in only 7 days” he added.
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 providing our clients with tailored, best-in-class financing solutions.