Rebuilding the Rockaways!
Rockaway Park, NY - Kathy Anderson of Progress Capital Advisors has arranged a $10.5 Million construction-to-permanent loan for a Rockaway Park native, Dino Tomassetti, President and Owner of Laquila 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, which recently opened for the first time since 2012, 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.
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.