Progress Capital | The Funding Source arranged a $5.6MM commercial mortgage secured by a four story apartment building with 34 units prior to stabilization. “Our client, Dino Tomassetti, Jr. needed to close by year-end so when the last lease was signed on December 22nd, we were at a closing table on December 23rd” said Kathy Anderson. As a practical matter, Banks are not willing to commit a permanent mortgage on a newly constructed building until it is stabilized and seasoned. Investors Bank was the perfect lending partner for this transaction having worked with the client in the past. A 10 year term was provided based on a 30 year amortization at 3.125%.
This property is one of several that Dino Tomassetti, Jr. of The Laquila Group has developed and constructed in the Rockaways. “Having been one of the hardest hit areas by Sandy, it was important for me to use my resources to help redevelop the area and provide the community much needed housing,” said Mr. Tomassetti. The public areas of the Rockaways such as the boardwalk, beach, transportation and utilities have now been restored and the Summer of 2014 welcomed over four million visitors. Rockaway is a stable community-oriented town situated on the water with plenty of employment in nearby Kennedy Airport and its surrounding infrastructure. “The transformation is now spreading to Far Rockaway as it has become a desired location for young people moving into year round housing,” stated Mr. Tomassetti. Next up — Rockaway Beach Boulevard will soon see the newest project consisting of 54 residential units plus medical space, retail and parking; on a site that was destroyed by the fires during Superstorm Sandy.