Progress Capital arranges $21.625 million multi-family construction loan in Gloucester City, NJ
Gloucester City, NJ — Kathy Anderson of Progress Capital is ‘Gettin’ it Done in 2021’. The founding partner of the firm secured a $21.625 million construction to permanent loan for the property located at 5 Meadow Ln. in Gloucester City.
Investors Bank provided the following loan terms:
• $21,625,000 Loan
• 3.375% Fixed for 10 Years
• 24 months I/O
• 70% LTV
• 30 Year Amortization
Down with the old and in with the new! Seems quite fitting for the site that 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.
History: In 2017, Cyzner Properties acquired the site with a business plan to renovate the existing structures. During the renovation process, he realized that the condition of the buildings was such that it would be more beneficial to tear down the buildings completely and rebuild.
River Pointe, a beautiful privately gated apartment community includes 11 garden-style apartment buildings with a total of 141 residential apartments. The unit mix includes (84) 1-bedroom/1-bath units and (57) 2-bedroom/2-bath units. 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. It’s also conveniently located close to Collingswood's shopping, dining and entertainment district, with easy access to Philadelphia via I-76 and PATCO High Speed Line.