Progress Capital Secures Construction Loan For New Development

Kathy Anderson and Caillin Boles of Progress Capital secured a $19.725 million construction loan for the development of a self-storage facility in Rockaway, N.Y., owned by Dino Tomassetti, Jr., of Asset Realty & Construction Group.

Tomassetti purchased the lot in 2016 and had it rezoned for a 135,719-square-foot facility. As part of the zoning approval, Tomassetti was asked to incorporate 88 underground parking spaces into the project to serve the community. The six-story, 1,000-unit, climate-controlled project is being construction through a collaboration with Snap Box.