Asset Realty & Construction Group receives funding for Bronx multifamily development

Working with commercial mortgage broker Kathy Anderson of Progress Capital, Dino Tomassetti, Jr, owner of Asset Realty & Construction Group, has secured financing worth $14,525,000 for the multifamily project at 3160-3166 Villa Avenue in the Bronx, New York.

Anderson, the owner of Progress Capital, worked with Investors Bank, which provided favorable terms, including a 24-month interest-only construction loan with a permanent conversion option. She notes how rewarding it is for her to be a part of a project that will bring housing and a sense of community to the area.

For his part, Dino Tomassetti, Jr. is making an important improvement to a Bedford Park section of the Bronx. What was formerly two inhabitable homes will transform into an 11-story apartment building that will address the need for affordable housing within the community.

Construction plans include demolishing the existing structure to construct a new building with 66 residential apartments. The building’s unit mix will consist of 44 one-bedroom units and 22 two-bedroom units with high-quality finishes. Of the total 66 residential units, 13 one-bedroom units and 7 two-bedroom units are dedicated to affordable housing.

According to Dino Tomassetti, Jr., 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, the company eyes being a low-cost provider of a much-needed product or service, which is affordable housing.

Dino Tomassetti, Jr. is an accomplished real estate developer with roots in construction. His company, Asset Realty & Construction Group, Inc., is built on his construction and real estate expertise. Check out this site for similar reads.