Anderson of Progress Capital facilitates $14.5 million construction loan for self-storage project
Lyndhurst, NJ — Kathy Anderson of Progress Capital arranged a $14.5 Million construction loan for Dino Tomassetti, managing member of 1 Holland, LLC. The property is located at 1 Terminal Rd. 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 ultimate flexibility.