Jewel Capital Arranges $34,000,000 in Land Financing for a Flushing Mixed-Use Project
Jewel Capital, New York’s most active market challenger, arranged $34 million in land financing to refinance a large Mixed-Used development Project in Queens, NY, on behalf of a group of well-known local Asian Real Estate Developers.
The 12-month refinance loan, provided by a global RE investment firm, features a floating rate of 830 basis point plus one month LIBOR and two six-month extension options. This transaction was engaged by Jewel Capital Business Development Director, Jianhua (Shawn) Shi and Eagle Capital USA’s Shelly Wang.
“Because of the property’s premium location and the rapid growth of demand in residential condo and lodging property, the clients immediately recognized the opportunity to acquire the land at a favorable basis and are going to develop two high-end multi-family residential towers and one 515-key dual-branded full-service hotel” said Mr. Shi. “sponsors’ property development expertise and proven track record helped Jewel negotiate favorable terms with limited construction permission”