River Pointe Apartments at 5 Meadow Lane in Gloucester City — Courtesy: Progress Capital
By Joshua Burd
A developer has secured a $25 million permanent loan for a newly built, 141-unit apartment complex in Camden County, in a newly announced deal by Progress Capital.
The borrower, Irv Cyzner of Cyzner Properties, completed the 11-building River Pointe Apartments in Gloucester City as part of a project that dates back to 2017, according to a news release. Progress Capital Founding Partner Kathy Anderson sourced a $12.2 million loan at the time that allowed Cyzner to acquire what was an existing apartment complex at 5 Meadow Lane, which the developer intended to renovate before pivoting to a new business plan.
The advisory firm noted that, midway through construction, Anderson secured a $21.625 million construction loan with a new lender, allowing Cyzner to raze the existing buildings to their foundations, increase the unit count and build a modern gated community that includes a clubhouse, a fitness center, a community garden and a dog park. The borrower has since closed on the $25 million permanent loan, which has a fixed rate of 3.375 percent for seven years, a five-year rate reset, a 30-year amortization and 24 months of interest-only payments.
In announcing the deal, Anderson detailed additional features and River Pointe’s proximity to Collingswood’s arts, shopping, dining and entertainment district, along with its easy access to Philadelphia via Interstate 76 and PATCO’s High Speed Line.