Progress Capital has arranged $21.625 million construction to permanent loan for the property located at 5 Meadow Lane in Gloucester City, NJ.
Kathy Anderson arranged the loan for Cyzner Properties with Investors Bank, which provided the loan at 3.375 percent fixed for 10 years at 70 percent LTV and 30-year amortization.
Cyzner Properties acquired
the site in 2017 with plans to renovate the existing structures. However, during the renovation process, it
was determined that it would be more beneficial to tear down the buildings
completely and rebuild.
The site originally contained 11-garden style apartment buildings that were demolished down to the foundation to make way for River Pointe Apartments, a newly constructed gated community on 2.81 acres.
River Pointe includes
11 garden-style apartment buildings with a total of 141 residential
apartments. Amenities include a dog park
with wash station, gated entrance, delivery box lockers, BBQ stations with
Pergola, fitness center, community garden and a clubhouse with a business
center and party room.
