Jewel Capital secured $3,450,000 in refinancing for a mixed-use building in Queens, New York. The permanent loan, provided by a commercial bank, has a 5-year term with an optional renew of 5 years. This loan features a competitive interest rate of 4.5% and is used to pay off the existing loan.
With a profound understanding of our client’s financial conditions, financing needs and the Property, we worked closely with our client during the entire process. We professionally analyzed and compared the several term sheets that we obtained, and provided effective solutions to issues with the Property. One challenge we faced is that two office tenants are non-profit religious institutions, this brought difficulty searching for a suitable lender. By leveraging our relationship and negotiation skills, we strategically approached the most suitable lender to achieve optimal terms, and met the client’s high expectation for this loan.
The Property is a four-story mixed-use building that consists of 11 units and 12 parking spaces at the rear of the cellar level. This building contains 21,650 SF above grade plus 3,000 SF of cellar level space. The first floor is leased for industrial use. The second and the third floor have 8 office tenants. The top floor is a residential unit and an office unit. Our client is a senior real estate investor with over 17 years of real estate investment experience. Currently, they own and manage several commercial and multi-family properties both in New York and Delaware.
The property is located in Downtown Flushing in Queens. Centered on the northern end of Main Street, it is a large commercial and retail area and is the fourth largest central business district in New York City. Flushing's diversity is reflected by the numerous ethnic groups that reside there, including people of Asian, Hispanic, Middle Eastern, European, and African American ancestry. The Flushing Chinatown houses over 30,000 individuals born in China alone, the largest Chinatown by this metric outside Asia and one of the largest and fastest-growing Chinatowns in the world.
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.