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Billy O. Cox of Marlton, age 58

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Progress Capital Arranges a $25 Million Loan for Cyzner, Owner of River Pointe Apartments, Gloucester City


Screen Shot 2022-04-11 at 17.35.32River Pointe Apartments, Gloucester City


GLOUCESTER CITY, NJ (April 11, 2022)(CNBNEWS)--Kathy Anderson, (inset) founding partner of Progress Capital arranged a $25,000,000 permanent loan for Irv Cyzner of Cyzner Properties, owner of River Pointe Apartments, a 141-unit garden-style gated community located at 5 Meadow Lane, Gloucester City, NJ. The River Pointe Apartments were previously known as Chatham Square which was owned by the City of Gloucester City, which purchased those apartments in 2007-08 for $4.25 million. Cyzner purchased the site in 2015 from the city for $1.5 million.   

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In 2017, Cyzner acquired the site with a $12,200,000 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 them.

Midway through construction, Anderson pivoted into a $21,625,000 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, a private dog park with a 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.

Progress Capital, a commercial real estate mortgage advisory firm specializes in arranging debt financing for commercial real estate owners and developers. Established in 1990, Progress Capital has closed over $40 Billion in commercial loans with $150 Million of directly funded bridge loans.


In August 2017, Gloucester City Mayor and Council approved a Redevelopment Agreement by and between the City of Gloucester and Cyzner Properties Inc., or its Nominee, a New Jersey Corporation” for the purchase of the Chatham Square Apartments, Route 130 and Klemm Avenue; address 54 Crescent Blvd. The agreement sale between the two parties was dated September 15, 2015, and was amended and supplemented to date on May 4, 2017, according to the ordinance.


The sale between the City and Cyzner Properties was contingent upon the buyer’s acquisition of the 34 privately owned Gloucester Terrace Apartments, located next to Chatham Square. The agreed sale price between the two parties for the 100 apartments at Chatham Square was $1.5 million.

The financial arrangement called for Cyzner Properties to provide payments to the city in lieu of taxes in an accordance with the Long Term Tax Exemption Law NJSA 40A:20-1 et. seq.

In 2007-08 Gloucester City purchased Chatham Square, a 100-unit apartment complex for $4.25 million. At the time Mayor William James said the reason for the purchase was because some of the residents living in the complex were criminals who were selling illegal drugs. James said the criminals and drug dealers were “a strain on the local police department.”  He said too that some residents with children were putting “a strain on the school system.”  

UP UNTIL 2015 TAXPAYERS SPENT $7,184,450--The City floated a $4,350,000 bond in February 2008 to purchase the property and to pay for closing costs. The note was for 40 years with a maximum rate of interest of 8 percent.

Wanting to know how much the City has spent on the apartment complex since it was purchased seven years ago CNBNews submitted an Open Public Records Act (OPRA) request to Jentsch in November. She is also the City’s Custodian of Records. 

As a result, Gloucester City’s Chief Financial Officer Frank Robertson prepared an itemized list (see copy below) of the Chatham Square expenses as of December 8, 2015. 

Some of the numbers that jump out from that list are:

  • $2,043,631 rehabilitation expenses
  •  568,653 paid in interest on the $4,350,000 bond 
  •  61,214 legal fees
  •  92,253  employee salaries
  •  351,196 for operating expenses
  •  17,470 bond council service-financing
  • 28,631 engineering/legal-survey/subdivision
  • 25,000 to Daniel Aaron private contractor

 The grand total spent on the Chatham Square property over the past seven years is $7,184,450 which includes the $4 million-plus to purchase the property. It also includes the $1.8 million that Oren Brothers borrowed from the UDAG program to construct towns houses at the site.

Robertson said the total for Orens Brothers includes $414,538 encumbered but not yet paid. Likewise, the $52,844.81 interest on the current $4,050,000 bond anticipation note won't be paid until next year.

In 2008, the taxes on the property were $75,939. Assuming the tax rate stayed the same for the past seven years the amount that would have been paid to the city by a private owner would have totaled $531,923. Of course, as we know, the last time property taxes stayed the same in Gloucester City was decades ago. As such that amount would have been much more than $531,923.