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Progress Capital Arranges $19.7M Construction Loan For Rockaway Beach Self Storage

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FINANCED
$19,725,000
Caillin Boles
Kathy Anderson
Dino Tomassetti Jr

New York

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Self Storage135,719 SF
Financed 12/04/2023
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Property Image
FINANCED

Progress Capital Arranges $19.7M Construction Loan For Rockaway Beach Self Storage

106-02 Rockaway Beach Boulevard

See Similar Deals
Self Storage135,719 SF
Financed 12/04/2023
Caillin Boles
Kathy Anderson
Dino Tomassetti Jr
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Self Storage
Price Per Square Foot:$145
Total Square Footage:135,719 SF
Transaction Type:Loan

The self-storage property located at 106-02 Rockaway Beach Boulevard in Rockaway Beach, Queens has been involved in a recent loan transaction. The property spans a total area of 135,719 square feet and is owned by Dino Tomassetti, Jr. of Asset Realty & Construction Group.

Summary of transaction details:

  • Property Type: Self Storage
  • Transaction Amount: $19,725,000
  • Address: 106-02 Rockaway Beach Boulevard, Rockaway Beach, Queens
  • Market: Rockaway Beach, Queens
  • Lender: Columbia Bank
  • Landlord: Dino Tomassetti, Jr. - Asset Realty & Construction Group
  • Brokers: Kathy Anderson & Caillin Boles - Progress Capital
  • Loan Type: Construction

The loan amount for this transaction was $19,725,000 and it was provided by Columbia Bank. Kathy Anderson and Caillin Boles from Progress Capital represented the parties involved in this deal.

Players

Kathy Anderson
Cushman & Wakefield
Kathy Anderson
55 deals$922.6M volume(732) 720-6301
BROKER
Caillin Boles
Cushman & Wakefield
Caillin Boles
44 deals$520.3M volume(732) 720-6308
BROKER
Columbia Bank
Columbia Bank
LENDER
Dino Tomassetti Jr
Dino Tomassetti Jr
6 deals$76.7M volume
LANDLORD

Details

FINANCED
IMAGE: Kathy Anderson & Dino Tomassetti Jr. DATE: 12/04/2023 ADDRESS: 106-02 Rockaway Beach Boulevard MARKET: Rockaway Beach, Queens ASSET TYPE: Self Storage ~ SF: 135,719 LENDER: Columbia Bank (@Columbia.Bank) LANDLORD: Dino Tomassetti, Jr. - Asset Realty & Construction Group BROKERS: Kathy Anderson (@Money.Girl.Kathy) & Caillin Boles (@CBoles21) - Progress Capital (@Progress.Capital) LOAN AMOUNT: $19,725,000 LOAN TYPE: Construction

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$19,725,000.00

Monthly NOI$131,500.00
Monthly Debt Service$124,675.42
Change in Cash Flow$0.00
Refinance Proceeds$0.00