Jewel Capital Arranges $1.45 Million in Construction Loan for the Development of a Residential Vacant Parcel in Queens, NY
The 18-month loan, provided by a well-known global online real estate marketplace, features two 3-month extension options. This transaction was negotiated by Samuel Li, the founder, and CEO of Jewel Capital.
The property is a 4,995 SF R5B(C2-3 Overlay) zoning vacant land improved with a partially poured concrete foundation located in Queens. The proposed building is presented in the plans and specs as a detached three-story building with 2 parking spaces. Totaling 9,803 SF in gross area, the proposed building will have 2 retail spaces in cellar level, 2 retail spaces on the first floor, 4 classrooms on the second floor as community use and 2 three-bedroom units on the third floor.
College Point is an upper-middle income neighborhood in Queens. Median real estate price is $863,332, which is more expensive than 87.0% of the neighborhoods in New York and 95.6% of the neighborhoods in the U.S. The average rental price in College Point is currently $2,052 which is higher than 72.2% of the neighborhoods in New York. Due to its popularity among college students who already choose to live here, its walkability, and its above average safety from crime, the neighborhood is ideal for prospective or already-enrolled college students.
“College point has a very stong rental market with a great shortage of supply. The property locates in the area’s busy commercial corridor and its proximity to Whitestone Bridge and JFK make the property more attractive” said Mr. Li. “We feel honored to provide financial support for this deal. And thanks to the professional and industrious efforts of my team, we helped our client overcome challenges and obtain the desired outcome.” he added.
Founded in 2014, 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.