QUEENS, NY — Managing partner of Progress Capital, Kathy Anderson, negotiated two $18 million 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 Blvd. in the Long Island City section of Queens is a 12-story 123,000 s/f mixed-use building. The second property, located in Yonkers at 280 Fullerton Ave., is a five-story 190,000 s/f 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.