Progress Capital Arranges $13.5 Million Permanent Financing for ‘The Residences at the Gemini’ in Rockaway Park
The burned strip of buildings located along Rockaway Beach Boulevard had been a constant reminder of Superstorm Sandy until Dino Tomassetti, Jr, Founder of Asset Realty & Construction Group redeveloped the site into 54 residential units.
Kathy Anderson, Founding Partner of Progress Capital arranged both the construction and permanent loans for the development of the property located two blocks from the beach at 114-115 Rockaway Beach Boulevard, Rockaway Park, NY.
“The Gemini is a meaningful project to me”, said Dino Tomassetti. “I grew up in the Rockaways so giving back to the community in this way was important to me. Gemini is Latin for “Twins” and the site has two identical twin buildings. Most importantly though, the Gemini was named in honor of my father who was a Gemini and since passed. This was the last project we worked on together, so it is special to me.”
The Residences at the Gemini includes two 3-story buildings, complete with elevator and private balconies to accommodate 54 residential units and 4 commercial units. The buildings have an affordable component with 34% of the units qualifying under NY City’s Affordable Housing Program. Residents can appreciate both ocean and Manhattan skyline views and enjoy a convenient two block walk to the beach.
Progress Capital is a commercial real estate advisory firm with over $40 Billion in closed loans and $150 Million of directly funded bridge loans. Since 1990, we consistently get our clients to the closing table… plain and simple!
Asset Realty and Construction Group is a full-service real estate development and investment firm, with specialties in the areas of real estate development, construction, property management and investment.