Jewel Capital Arranges $1.15 Million in Refinance Loan for 3-story Mixed-Use Building in Williamsbur
Jewel Capital, New York’s most active market challenger, negotiated $1.15 million in financing for a 3-story mixed-use building in Williamsburg, Brooklyn.
The 5-year loan, provided by a New York-based community bank, features an interest of 4.75% per annum and one 5-year extension options. This transaction was negotiated by Samuel Li, the founder, and CEO of Jewel Capital.
The three-story mixed-use property was purchased in 2006 by our client at about $750,000. Consisting two commercial units on the first floor and four residential apartments on the upper two floors, the property is currently fully occupied with a good mix of tenants, which brings sufficient cash flow to support the loan payment of the proposed loan.
Decades ago, Williamsburg began to attract an overflow of artists from downtown Manhattan, and since then it has become a beacon of Brooklyn creativity. Williamsburg has become popular with young New Yorkers because of its vibrant and accessible social activities, and also because of its easy commute to Manhattan. The L train takes residents right into the heart of Manhattan at 14th st., and the M and J trains make it easy to get to other downtown neighborhoods. Williamsburg is very densely populated compared to most U.S. neighborhoods. In fact, with 58,925 persons per square mile in the neighborhoods, it is more packed with people than 98.9% of the nation's neighborhoods. The median real estate price of Williamsburg is $521,223, which is more expensive than 65.1% of the neighborhoods in New York and 87.3% of the neighborhoods in the U.S. The average rental price in Williamsburg is currently $1,638. Rents here are currently lower in price than 52.4% of New York neighborhoods. The low Cap Rate is reflecting the market’s sound expectation of the neighborhood growth.
“Due to the old age of the property, a variety of violations (HPD, DOB, ECB) filings have been found. Jewel proactively assisted the client to remove the majority of violations and obtain waivers for the remainder."
said Mr. Li. “We feel honored to provide value of this deal. And thanks to the seamless collaboration between the client and our team, we successfully leveraged our profound relationship with lenders and helped our client obtain the tailored terms.” 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.