Real Estate Journal — September 30 - October 13, 2016 — 3A
www.marejournal.com
M id A tlantic
M id A tlantic R eal E state J ournal RockawayParkendureddamage fromHurricaneSandy Progress Capital arranges $10.5m loan for revitalization
Prime Properties in Southern New Jersey Available For Lease
Whitesell Properties >> Industrial >> 1050 Thomas Busch Memorial Highway, Pennsauken, NJ
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Rockaway Park after Hurricane Sandy
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OCKAWAY PARK, NY — Kathy Anderson of Progress Capital Ad- visors has arranged a $10.5 million construction-to-perma- nent loan for a Rockaway Park native, Dino Tomassetti, president and owner of La- quila Group, Inc. looking to revitalize the community after the catastrophic damage it en- dured from Hurricane Sandy. “This is my neighborhood. I have a vested interest in seeing the area improve and thrive so people can enjoy the beauti- ful beach community with so much untapped potential. The fact that I grew up here and am raising my family here, while not the only reason, is big part of why I chose the project,” said Tomassetti. Post Hurricane Sandy, Rock- away Park is experiencing a renaissance with the invest- ment from public agencies and private developers. The Rock- away Beach Boardwalk, which recently opened for the first time since 2012, is a short walk from the property Tomassetti is developing. The neighbor- hood has quickly become a hot spot, drawing people looking to enjoy the beach and activities. The new growth has encour- aged other commercial busi- nesses to invest in the area, bringing new restaurants and retail shops along and around the boardwalk. Kathy and Dino worked together to overcome several challenges, the least of which was the looming expiration of the 421a program. While Kathy sourced lending options, Dino and his team secured the DOB permits and was able to install footings right before the 421a deadline. “Without this, the project could not have been built,” said Tomassetti. n
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