A rendering of a 66-unit apartment development at 3160-3166 Villa Ave. in the Bronx, New York — Courtesy: Progress Capital
By Joshua Burd
The developer of an 11-story apartment building in the Bronx has landed more than $14 million in financing for the project, according to an advisory team with Progress Capital.
The borrower, Dino Tomassetti Jr. of Asset Realty & Construction Group Inc., will use the proceeds as part of its plan to raze two blighted homes at 3160-3166 Villa Ave. and redevelop the site with 66 rental units, Progress Capital said. Investors Bank is providing the $14.525 million construction loan, which includes 24 months of interest only with a permanent conversion option.
“It’s very rewarding to be a part of a project that will bring housing and a sense of community to the area,” said Kathy Anderson, founding partner of Tinton Falls-based Progress Capital.
Located in the Bedford Park section of the Bronx, the new building will include a mix of one- and two-bedroom units with high-end finishes. Twenty of the apartments will be reserved as affordable housing, Progress said, adding that the property is surrounded by other residential buildings, retail, office buildings and restaurants, along with mass transit.
“One of Asset Realty’s primary objectives is to develop buildings that can be viewed as an asset to the neighborhood,” Tomassetti said. “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.”
