Progress Capital announced that Kathy Anderson arranged a $14.5 million construction loan for Dino Tomassetti, managing member of 1 Holland, LLC.
The property is located at 1 Terminal Road in Lyndhurst, NJ and when completed, will include 950 self-storage units that will be managed under the Life Storage banner.
The borrower purchased the site with all entitlements in place and has retained ARCO Murray to deliver a turn-key building.
Anderson arranged the loan with TriState Capital Bank, who provided a 36 month construction term to allow for completion and stabilization. The loan floats over LIBOR and has a permanent option, giving the borrower flexibility.
Dino Tomassetti and his partners founded Storage Fox, a self-storage company with over 5,200 units located in White Plains, Brooklyn, LIC and Yonkers. The Storage Fox portfolio was purchased by Clutter, Inc. in September 2019 and the partners are now rebuilding their storage portfolio, having formed a management alliance with Life Storage.
“Lyndhurst is an excellent addition to our holdings based on the density and lack of storage options in the immediate surrounding area,” said Tomassetti.
Dino Tomasetti is the founder of Asset Realty & Construction Group, a fully integrated development company that owns self-storage, multifamily, retail, office and industrial properties throughout the Tri-State area and North Carolina.