JEWEL CAPITAL ARRANGED $1,900,000 REFINANCE LOAN IN ELMHURST, NY
JEWEL CAPITAL, a fast-growing commercial real estate finance and advisory firm based in New York City, has arranged a $1,900,000 refinance loan secured by a 9,034 SF multifamily rental building (“the Property”) constructed in 2014 with TCO issued on 05/15/2015 located in Elmhurst, NY. Jewel Capital successfully secured the interest rate at 2.75%, which is the lowest interest rate Jewel Capital ever obtained since the company founded in 2014. The term of the loan is 9 years based on a 30-year amortization.
Low interest rate at 2.75%: The interest rate of the loan is 2.75%. As Jewel Capital’s CEO Sam Li stated, this was the lowest interest rate Jewel Capital ever obtained since the company founded in 2014, which is the result of our active negotiation with lenders.
LTV at 71.43%: The Property is located at Elmhurst, NY with convenient transportation and life. The Property is a multi-family walk-up building with 5 floors constructed in 2014. The gross area of the building is about 9,034 SF. The subject building is currently 100% occupied with stable rental income. The estimated market value of the Property is $2,660,000 as per the appraisal report dated 1/11/2016, with LTV at 71.43%.
Repeat Customer: Jewel Capital has successfully arranged and closed 3 loans for this borrower. He is impressed by the tailored and best-in-class financing service we provided with the highest standard of professionalism, excellence and integrity. The refinance loan will be primarily used to retire the existing $1,000,000 bridge loan, which was also arranged by Jewel Capital in July 2015.
Elmhurst is a complicated neighborhood in western Queens. It is the thriving home of families—middle class and working class—housed in a mix of older multi-family homes, and co-op and apartment buildings. Immigrants, especially from Asia and Latin America, have made Elmhurst the most diverse part of Queens.
Elmhurst has the most subway options in Queens outside of Long Island City. Subways include the 7 train that runs local above Roosevelt Avenue, the express E and F at Broadway/74 Street, and the R, M trains that run local down Broadway and out along Queens Boulevard. It takes about 30 to 40 minutes to reach Midtown Manhattan. Main thoroughfare Queens Boulevard is busy and essential. There is easy access to Brooklyn Queens Expressway and the Long Island Expressway. Neighborhood streets, especially conduits like its commercial heart of Broadway, can get jammed fast during rush hours.
The Property is a multi-family walk-up building with 5 floors constructed in 2014. The gross area of the building is about 9,034 SF. As quoted from the “New York Daily News” (2014), Elmhurst, Woodside and Jackson Heights become more desirable neighborhoods as young professionals and families are priced out of Manhattan, Brooklyn, Long Island City and Astoria. With the increasing residential demands by the middle-class at Elmhurst, the building can maintain high occupancy rate and generate stable income.
JEWEL CAPITAL is a fast-growing commercial real estate finance and advisory firm based in New York City. By leveraging 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. Our sweet spot as real estate advisers for commercial mortgage or development projects is from $1MM to $50MM. 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 (646) 441-8281
Fax: +1 (347) 535-1314