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Bedford Park Resi Project Lands Construction Loan
Kathy Anderson of Progress Capital secured a $14,525,000 construction/permanent mortgage for a multifamily project at 3160-3166 Villa Ave. in the Bronx’s Bedford Park neighborhood. The project is owned by Dino Tomassetti, Jr. of Asset Realty & Construction Group, Inc.
Anderson worked with Investors Bank, which provided favorable terms including a 24-month interest-only construction loan with a permanent conversion option.
Construction plans include demolishing the existing structure to construct an 11-story building with 66 apartments, including 20 that will be dedicated as affordable housing.
Tomassetti said, “One of Asset Realty’s primary objectives is to develop buildings that can be viewed as an asset to the neighborhood. At the same time, it eyes being a low-cost provider of a much-needed product or service, which in this case is affordable housing.”
For comments, questions or concerns, please contact Paul Bubny
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