Jewel Capital, New York’s most active market challenger, negotiated $1.4 million in a blanket financing for one office building and one two family building in Hicksville, NY.
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 two-story office building, with an area of 12,600SF, is divided into 18 units and is currently 95% occupied by 17 tenants. The residential building has an area of 1,830SF and is currently fully occupied by two tenants. The properties were purchased in 2004 by our clients at $2,400,000. Several tenants are on month to month basis.
Long Island is a mature economy that reduced its dependence on defense manufacturing with a diversity of industries that include business services, high-tech, software development and biotechnology. Nassau County, as one of the two counties that constitute Long Island, is more developed than the other county Suffolk. With rapid suburbanization after the 1950s, Nassau was the fastest growing county in the United States. The Subject Property is located at the center of the town of Oyster Bay, which is an area with concentration in retail business and residence. As of the census of 2010, there were 41,547 people, 13,412 households, and 10,588 families residing in the CDP. The population density was 6,109. 9 per square mile. There were 13,761 housing units at an average density of 2,023.7/sq mi. The median income for a household in the CDP was $89,231, and the median income for a family was $99,980. Males had a median income of $52,112 versus $46,278 for females. The per capita income for the CDP was $50,283.
“Blanket loan, suburban area, partial occupancy, month-to-month tenants, open violations, any one of these keywords could becomes a significant hurdle for loan application in the current prudent market, and especially when they are all packed into one single deal. Besides, the loan will facilitate a partner buy-out at closing, which make the deal even more challenging.” said Mr. Li. “And we are glad to be there to help the client face and solve those challenges. 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 with escrow for 3 open permits,” 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 providing our clients with tailored, best-in-class financing solutions.