JEWEL CAPITAL ARRANGED $1,950,000 ACQUISITION LOAN IN FLUSHING, NY
JEWEL CAPITAL has arranged a $1,950,000 acquisition loan secured by two office condominium units (the “Property”) located in Flushing, NY. The acquisition loan will be used for the purchase of the Property. Jewel Capital executed the closing with a competitive annual rate at 4.25%. The term of the loan is 30 years over 30-year amortization, with no origination fee. LTV is 70.91%.
Competitive terms: The term of the loan is 30 years over 30-year amortization. No origination fee required.
Low interest: The loan has low initial interest rate of 4.25% per annum, and it will be adjusted at the end of the 5 th year and every 5 th year thereafter. At the initial interest rate, the monthly loan payment is easily serviced by the monthly NOI.
LTV at 70.91%: The appraised value of the Property is $2,750,000 as per the appraisal report dated 2/9/2016, based on which the LTV is 70.91%.
About the borrower: Formed in 2007, the borrower is a single-asset real estate holding & management company. Shareholders have rich experience in real estate investment and supermarket management.
The Property consists of two office condominium units compromising a portion of the ninth floor of a 10-story office building. The building contains a total of 116,894 SF of above-grade area and was built in 2015. One unit contains 1,826 SF and the other contains 1,589 SF, together with approximate area of 3,415 SF. Both units have been leased to a well-known law company under a 3 year with 3 year extension option and will be used as a law office. The lease is a NNN lease.
Flushing is a neighborhood in the north-central part of the New York City borough of Queens, in the United States. While much of the neighborhood is residential, Downtown Flushing, centered on the northern end of Main Street, is a large commercial and retail area and is the fourth largest central business district in New York City. Business in Flushing will continue to be strong and trendy in the coming future based on its overall performance in recent years, and the turnover rate is high. Therefore, the Property is believed to generate a strong cash flow in the coming years, which will support the financing activities.
JEWEL CAPITAL is a fast-growing commercial real estate finance and advisory firm based in New York City. By leveraging our unique relationships with commercial banks, financial institutions and investment funds in North America, we are able to provide our clients with tailored, best-in-class commercial real estate investment and financing solutions. We specialize in debt and equity financing for multifamily, mix-use, office, industrial, development, hotel and other real estate properties in the Greater New York metropolitan area. Our sweet spot 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