River Pointe Apartments at 5 Meadow Lane in Gloucester City — Courtesy: Progress Capital
By Joshua Burd
The developer of 141 apartments in Camden County has landed nearly $22 million in financing, under a transaction arranged by Progress Capital.
Kathy Anderson, founding partner of the mortgage brokerage firm, represented Cyzner Properties in securing the construction-to-permanent loan for its River Pointe Apartments at 5 Meadow Lane in Gloucester City. Investors Bank provided the $21.625 million package, which has a fixed rate of 3.375 percent for 10 years, a 70 percent loan-to-value ratio and a 30-year amortization.
In announcing the deal, Anderson noted that Cyzner acquired the site in 2017 with plans to renovate the existing structures. During the renovation process, the firm realized that the condition of the buildings was such that it would be more beneficial to tear them down and rebuild.
The 2.81-acre site is now home to a gated community with 11 garden-style apartment buildings, according to a news release. Amenities include a dog park with a wash station, delivery box lockers, grilling stations with a pergola and a fitness center, among others.
Tinton Falls-based Progress also noted that River Pointe is close to Collingswood’s shopping, dining and entertainment district, with easy access to Philadelphia via Interstate 76 and the PATCO High Speed Line.
