JEWEL CAPITAL, a boutique commercial real estate finance and advisory firm, has arranged a $1,000,000 bridge loan secured by a multi-family rental buidling located in Elmhurst, Queens, NY. With a competitive interest rate at 7.5% (lowest in the bridge loan market), this bridge loan was for pulling equity to purchase a development site in Woodside, Queens. This one-year bridge loan will eventually be replaced by a cash-out refinance bank loan. In addition, Jewel Capital successfully closed the deal within 3 weeks.
The loan was arranged by Samuel W. Li, founder & CEO of Jewel Capital. According to Mr. Li, Jewel Capital’s sweet spot as real estate advisors for commercial mortgage or development projects is $1MM to $50MM. The subject property, located in the Elmhurst neighborhood of Queens, is near the intersection between the 90th Street and the 53rd Avenue. The property is a 4-story residential rental building with 11 units, totaling 9,034 SF. The existing structure was built in 2013.
Elmhurst is a middle-class neighborhood in New York City, a borough of Queens. It is bounded by Roosevelt Avenue on the north, the Long Island Expressway on the south, Junction Boulevard on the east, and the New York Connecting Railroad on the west. Subway stations include Jackson Heights-Roosevelt Avenue, Woodhaven Boulevard, Grand Avenue-Newtown, and Elmhurst Avenue, all served by the E M R trains. In addition, the local and express 7 trains, run along Roosevelt Avenue. Buses include the Q11, Q21, Q29, Q38, Q52, Q53, Q58, Q59, Q60, Q72, and Q88. By 2013, Elmhurst had a population of 96,000 people who was mainly formed by Asians (49%) and Hispanics (38%). The Median age of the population was 35.8 (2013). The median household income of this area in 2011 was $45,585. Elmhurst is the second rapid area converting to a Chinatown in Queens, after Flushing. Many Southeast Asian businesses and shops are also available in the area, including Malaysian Chinese, Singaporean Chinese, Indonesians, Thais, and Vietnamese.
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 (347) 535-1314 Ext.101
Fax: +1 (347) 535-1314