$10.5 Million Construction-to-Permanent Loan Secured for Dino Tomassetti Jr
Kathy Anderson of Progress Capital arranged a $10.5 Million construction-to-permanent loan for a Rockaway Park native, Dino Tomassetti, President and CEO of Asset Realty & Construction Group, Inc. looking to revitalize the community after the catastrophic damage it endured from Hurricane Sandy.
“This is my neighborhood. I have a vested interest in seeing the area improve and thrive so people can enjoy the beautiful beach community with so much untapped potential. The fact that I grew up here and am raising my family here, while not the only reason, is big part of why I chose the project,” said Tomassetti.
Post Hurricane Sandy, Rockaway Park is experiencing a renaissance with the investment from public agencies and private developers. The Rockaway Beach Boardwalk is a short walk from the property Tomassetti is developing. The neighborhood has quickly become a hot spot, drawing people looking to enjoy the beach and activities. The new growth has encouraged other commercial businesses to invest in the area, bringing new restaurants and retail shops along and around the boardwalk.
Kathy and Dino worked together to overcome several challenges, the least of which was the looming expiration of the 421a program. While Kathy sourced lending options, Dino and his team secured the DOB permits and was able to install footings right before the 421a deadline. “Without this, the project could not have been built,” said Tomassetti.
Dino Tomassetti is President & CEO of Asset Realty & Construction Group, Inc., a full-service real estate development and investment firm, with specialties in the areas of real estate development, construction, property management and investment.
Progress Capital is a commercial real estate advisory company serving clients since 1990. With over $40 Billion in closed loans and $150 Million of directly funded bridge loans, we will get you to the closing table… Plain and Simple. #thatsProgress