Progress Capital has arranged $36 million in loans for two Storage Fox self storage locations.
Kathy Anderson, managing partner at Progress Capital, working with Signature Bank, negotiated the amount and terms of both loan packages.
The two $18,000,000 loans for Dino Tomassetti, managing partner of Storage Fox, will refinance the existing debt and recapture equity in the self storage facilities.
Constructed in 2013, 30-46 Northern Boulevard in the Long Island City, Queens is a 12-story 123,000 s/f mixed-use building with an 8,000 s/f Davita Dialysis Center, 70,000 s/f of rentable self storage space and one remaining 4,000 s/f community space.
The second property, located in Yonkers at 280 Fullerton Avenue, is a 5-story 190,000 s/f self-storage facility constructed in 2012.
The combined loans represent a 66 percent loan to value for both properties. The proceeds 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.
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.