Kathy Anderson, founding partner of Progress Capital, said Jan. 5 the firm secured a $21,625,000 fixed construction to permanent loan from Investors Bank in Gloucester City.
The property, located at 5 Meadow Lane, originally contained 11-garden style apartment buildings that were demolished to make way for River Pointe Apartments, a newly constructed gated community on 2.81 acres.
5 Meadow Lane, Gloucester City. – PROGRESS CAPITAL
In 2017, Cyzner Properties acquired the site with a business plan to renovate the existing structures. During the renovation process, the firm realized that the condition of the buildings was such that it would be more beneficial to tear down the buildings completely and rebuild.
The River Pointe community includes a total of 141 residential apartments consisting of 84 one-bedroom and 57 two-bedroom 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 Interstate 76 and PATCO High Speed Line.
