The Team at Progress Capital, led by Kathy Anderson, closed an $8.8 Million construction loan in White Plains, NY. The interest only loan has an initial term of 18 months floating at LIBOR plus 275 bps with a two year mini-perm during stabilization.
The loan proceeds enable this two-story self-storage facility to expand and double in size from 20,000 sf to 66,000 sf, consisting of 2,100 units.
Progress Capital is an integral part of this Family Office and their growth in the Self -Storage sector as well as their core Commercial Real Estate holdings and development projects in Multi-Family, Mixed-Use, Office and Industrial.
More and more, Progress Capital is established as the financial arm for their clients. Dino Tomassetti, President of Laquila Group said, “Relying on Progress Capital has really allowed our company to concentrate on building our portfolio and bottom line profits. I can count on Kathy and her team to forensically review each deal which is critical to determine profitability. That, combined with their unique ability to source the best financing available, makes Progress an invaluable partner.”
Progress Capital loan programs include Fixed Rate Loans, Construction and Specialty Financing as well as Directly Funded Bridge Loans. With over $40 Billion in closed loans and $100 Million in bridge and direct lending, we will get you to the closing table … plain and simple.