M id A tlantic Real Estate Journal — Southern New Jersey — April 22 - May 19, 2022 — 7B S outhern NJ
$25 Million in refinancing locked at 3.375% for Gloucester gated community Anderson of Progress Capital arranges permanent loan for Irv Cyzner of Cyzner Properties
two bedrooms. On-site ameni- ties include BBQ stations, pri- vate 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 en- tertainment district, with easy access to Philadelphia via I-76 and PATCO High Speed Line. Progress Capital has closed over $40 Billion in commer- cial loans with $150 Million of directly funded bridge loans. MAREJ
count and provide a state- of-the-art gated community including clubhouse, fitness center, community garden and dog park. Once completed, a perma- nent 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 private- ly-gated adult community comprised of 11 garden-style apartment buildings totaling 141 units ranging from one to
LOUCESTER CITY, NJ — Kathy Ander- son , founding partner
of Progress Capital ar- r a n g e d a $25 million permanent loan for Irv Cyzner of C y z n e r Properties , owner of Riv-
er Pointe Apartments, a 141- unit garden-style gated com- munity located at 5 Meadow Lane, Gloucester City. 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 construc- tion, Anderson pivoted into a $21,625,000 construction loan with a new lender, which al- lowed the Borrower to demol- ish the buildings down to the foundation, increase the unit BLACKWOOD, NJ — When it came time for the owner of 1031 Little Glouces- ter Rd. in Blackwood to sell, Mayayz Properties LLC en- gaged Alan Sussman of Rose Commercial Real Estate to market the property. The 8,000 s/f retail strip center is located at the signal- ized intersection on Blackwood Clementon Rd. with more than 170 feet of frontage on the heavily traveled corridor. Built in 1990, the fully-leased property, which has seven long-term tenants and ample parking, sold for an 8% cap. The psf sale price was approxi- mately 18% higher than the average for other comparable listings in the area. Within one week on the market, Rose Commercial had a buyer, Diamond Capital LLC, and the property quickly closed for $1,450,000 on January 21, 2022. MAREJ negotiates sale of fully leased strip center inBlackwood Rose Commercial Real Estate
River Pointe Apartments
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