Progress Capital Arranges $19,725,000 Construction Loan for Rockaway, NY Self-Storage
In a recent announcement, Kathy Anderson and Caillin Boles of Progress Capital successfully secured a $19,725,000 construction loan for the development of a self-storage facility on Rockaway Beach Boulevard in Rockaway, NY, owned by Dino Tomassetti, Jr. of Asset Realty & Construction Group.
The property, located between Walgreens and the St. John’s Medical Arts Complex was purchased in 2016 as a vacant lot. Tomassetti had the property rezoned for a 135,719 SF building and has already started construction. As part of the zoning approval, Tomassetti was asked to provide 88 underground parking spaces to serve the community and summer beach goers.
“This project is not just about constructing a building; it’s about fulfilling a demand within the Rockaway community. This will be our first collaboration with Snap Box; hopefully the first of many.” – Dino Tomassetti, Jr.
Operating under the Snap Box banner, the facility will offer approximately 1,000 fully climate-controlled units, along with three loading docks and 88 attended public parking spaces.
Nestled within the vibrant heart of a beach community, the building was designed to surpass the new flood plain elevation post-Superstorm Sandy. Boasting six stories of steel framework, the structure includes a flood-proofed basement crafted with waterproof concrete and equipped with flood gates for enhanced resilience.
Progress Capital is a commercial real estate mortgage advisory company specializing in arranging debt for commercial real estate owners and developers since 1990. With over $40 Billion in closed loans and $150 Million of directly funded bridge loans.
Asset Realty & Construction Group, Inc. is a full-service real estate development and investment firm, with specialties in the areas of real estate development, construction, property management, and investment.
