A rendering of a new Life Storage facility — Courtesy: Progress Capital
By Joshua Burd
The developer of a new self-storage facility in Lyndhurst has landed a $14.5 million construction loan for the project, under a transaction arranged by Progress Capital.
Dino Tomassetti, managing member of 1 Holland LLC, will use the funds for the 950-unit project at 1 Terminal Road. The developer has retained ARCO Murray to deliver a turn-key building, which will be managed under the Life Storage banner.
Progress Capital Founding Partner Kathy Anderson arranged the loan with TriState Capital Bank, which provided a 36-month construction term to allow for completion and stabilization, according to a news release. The loan floats over LIBOR and has a permanent option, she said, giving the borrower ultimate flexibility.
“Lyndhurst is an excellent addition to our holdings based on the density and lack of storage options in the immediate surrounding area,” Tomassetti said.
Tomassetti and his partners founded Storage Fox, a self-storage company with more than 5,200 units in White Plains, Brooklyn, Long Island City and Yonkers, New York. Clutter Inc. purchased the portfolio in September 2019, Progress said, and the partners are now rebuilding their storage holdings in conjunction with a management alliance with Life Storage.
