Progress Capital Arranges Financing for Villa Avenue Multifamily Development in The Bronx
Kathy Anderson of Progress Capital secured a $14,525,000 Construction/Permanent Mortgage for the multifamily project located at 3160-3166 Villa Avenue, owned by Dino Tomassetti, Jr. of Asset Realty & Construction Group, Inc.
Dino Tomassetti, Jr. is making an important improvement to a site in the Bedford Park section of the Bronx. What was formerly two uninhabitable homes will transform into an 11-story apartment building with 66 apartments that will serve a need for affordable housing within the community.
“It’s very rewarding to be a part of a project that will bring housing and a sense of community to the area.”
Kathy worked with Investors Bank, who provided favorable terms including a 24-month I/O construction loan with a permanent conversion option.
Construction plans include demolishing the existing structure to construct a brand new 11-story building with sixty-six (66) residential apartments. The building’s unit mix will consist of (44) one-bedroom units and (22) two-bedroom units with high quality finishes. Of the total 66 residential units, (13) one-bedroom units and (7) two-bedroom units are dedicated for affordable housing.
According to Dino Tomassetti, Jr., “One of Asset Realty’s primary objectives is to develop buildings that can be viewed as an asset to the neighborhood. At the same time, it eyes being a low-cost provider of a much-needed product or service, which in this case is affordable housing.”
The property’s immediate surroundings include other residential buildings, retail stores, office buildings, and restaurants. The location also provides residences easy access to numerous commuting outlets such as Bedford Park Boulevard Station, Interstate-87 and The Bronx’s Grand Concourse.
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 have been providing Honest Advice and Expert Execution in order to help our clients get to the closing table… plain and simple!
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.