Irv Cyzner of Cyzner Properties, owner of River Pointe Apartments in Gloucester City acquired a $25,000,000 loan with the help of Progress Capital’s Founding partner Kathy Anderson, according to a Monday announcement.
The 7-year fixed rate loan was obtained for the 141-unit garden-style gated community located at 5 Meadow Lane which Cyzner acquired in 2017 with a $12,200,000 acquisition/construction loan, also arranged by Anderson.
The initial business plan was to simply renovate the existing 11-garden style apartment buildings. However, during the renovation process, it was decided that the condition of the buildings was such that it would be more beneficial to tear them down completely and rebuild.
Midway during construction, Anderson pivoted into a $21,625,000 construction loan with a new lender, which allowed the borrower to demolish the buildings down to the foundation, increase the unit count and provide a state-of-the-art gated community including clubhouse, fitness center, community garden and dog park.
Once completed, a permanent loan was closed at 3.375% fixed for 7-Years with a 5 Year Rate Reset.
River Pointe offers one- and two-bedroom units, plenty of on-site amenities which include BBQ stations, a private dog park with self-serve dog washing station, fitness center, community garden, as well as a clubhouse with business center and party room for private gatherings. Additionally, it’s conveniently located close to Collingswood’s arts, shopping, dining and entertainment district, with easy access to Philadelphia via I-76 and PATCO High Speed Line.