Managing Partner of Progress Capital, Kathy Anderson, negotiated two $18,000,000 commercial mortgage loans for Dino Tomassetti, managing partner of Storage Fox, Inc., to refinance the existing debt and recapture equity in two self storage facilities. Constructed in 2013, 30-46 Northern Boulevard in the Long Island City section of Queens is a 12-story 123,000 sf mixed-use building with an 8,000 sf Davita Dialysis center, 70,000 sf of rentable self storage space and one remaining 4,000 sf community space. The second property, located in Yonkers at 280 Fullerton Avenue, is a 5-story 190,000 sf self storage facility constructed in 2012.
The combined loans represent a 66% loan to value for both properties. The proceeds of the loans include significant cash out that Tomassetti and his partners plan to reinvest in future real estate acquisitions adding to the Storage Fox brand. Previously, Anderson negotiated both the construction loans and first mortgages on the aforementioned properties.
"Having worked with Kathy for over 10 years now, she has proven integral in securing the financing we need to position Storage Fox and my personal commercial real estate holdings for future growth. Her knowledge of financing options and market trends allow us to focus on growing our portfolio while maintaining a healthy return on our investments." – Dino Tomassetti, Managing Partner, Storage Fox, Inc.
Kathy Anderson worked with Signature Bank to secure a 7 year fixed rate at 4%, 25 year amortization and no prepayment penalty. The borrower was represented by Chris Read, Esq. of the Amato Law Group and the bank was represented by Gene Martin, Esq. of Sankel, Skurman & McCartin, LLP.
About Progress Capital
Progress Capital is a leading Commercial Mortgage Brokerage Firm specializing in arranging debt for commercial real estate owners, operators and developers. Since 1990, Progress has closed in excess of $40 Billion Loans and directly funded over $100 Million. With 25 years of industry leading experience, Progress Capital has an unrivaled network of lending partners and capital market relationships allowing us to provide you with flexible custom financing solutions.
About Storage Fox, Inc.
Storage Fox, Inc. owns and operates over 5,000 units located in Yonkers, LIC, Brooklyn and White Plains, NY. In addition to customary household and business storage needs, Storage Fox also accommodates vehicle, RV and motorcycle storage. Storage Fox has an affiliation with U-Haul for on-site truck rentals for any occasion and is a retail supplier of boxes and other packaging materials. Storage Fox will be expanding its footprint with upcoming locations in Rockaway Park and the Bronx.