Progress Capital complete $25 million in refinancing for Gloucester gated community

Gloucester City, NJ Kathy Anderson, founding partner of Progress Capital arranged a $25 million permanent loan for Irv Cyzner of Cyzner Properties, owner of River Pointe Apartments, a 141-unit garden-style gated community located at 5 Meadow Ln.

In 2017, Cyzner acquired the site with a $12.2 million acquisition/construction loan 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 million 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. 

• $25,000,000 
• 3.375% Fixed for 7-Years
• 5 Year Rate Reset
• 30-Year Amortization
• 24 Months I/O
• Declining Prepay
• Non-Recourse

River Pointe is a privately-gated adult community comprised of 11 garden-style apartment buildings totaling 141 units ranging from one to two bedrooms. On-site amenities include BBQ stations, 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.