Jewel Capital, New York’s most active market challenger, arranged $1.1 million in financing to refinance a 3-story mixed-use property located in Sunset Park, Brooklyn, on behalf of a group of Chinese Investors.
The 5-year 25-year amortization loan, provided by a New York based community bank, features a fixed rate of 4.75% and a 5-year renewal option. This transaction was negotiated by Jewel Capital Business Development Director, Jianhua (Shawn) Shi.
The property is 3-story mixed-use building improved on a 1,978-SF R6B zoned parcel. The total above grade building area is about 5,354 SF and the net rentable are a is 4,500 SF. The building contains two commercial units and two residential units. The ground floor is occupied by a dance studio, the basement is finished and utilized as a community center, and the upper floors contain one apartment on each floor.
“Popular with immigrants, Sunset Park has a thriving Chinese and Latin American community with great restaurants to match. Thanks to the property’s superior location and rich relationships among Jewel Capital and lenders, we closed this deal successfully with optimal terms.” said Mr. Shi.
Sunset Park is a neighborhood in the western section of the borough of Brooklyn. It is predominantly Puerto Rican, Mexican and Chinese, with other Hispanics, Indians and Norwegians comprising the area’s population as well. The core of the Hispanic population is west of the 5th Avenue, while the center of the Chinese population (now referred to as Brooklyn’s Chinatown) is from 7th Avenue east to Borough Park. According to the 2010 United States Census, Brooklyn gained 39, 374 residents between 2000 and 2010, and Sunset Park accounted for 6,190. Asians increased by 62 percent in Sunset Park East.
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 provide our clients with tailored, best-in-class financing solutions.office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties.