The Gemini at 114-115 Rockaway Beach Blvd. in Rockaway Park, New York — Courtesy: Progress Capital
By Joshua Burd
Progress Capital has arranged $13.5 million in financing for a redevelopment project in New York City’s Rockaway Park neighborhood.
The Tinton Falls-based lender noted that the borrower, Asset Realty & Construction Group, has revitalized a strip of blighted buildings at 114-115 Rockaway Beach Blvd., building 54 residential units and four commercial spaces. Made up of two three-story buildings, with elevators and private balconies, the complex known as The Gemini includes 34 percent affordable housing and provides residents with a two-block walk to the beach.
Progress Capital Founding Partner Kathy Anderson arranged both the construction and permanent loans.
“The Gemini is a meaningful project to me,” said Dino Tomassetti Jr., founder of Asset Realty. “I grew up in the Rockaways so giving back to the community in this way was important to me. Gemini is Latin for “twins” and the site has two identical twin buildings. Most importantly though, the Gemini was named in honor of my father who was a Gemini and since passed. This was the last project we worked on together, so it is special to me.”