Investors Bank Provides $21.6M Construction Loan For Gloucester City Multifamily Property

A construction loan worth $21,625,000 was recently secured for a multifamily property located at 5 Meadow Lane in Gloucester City. The loan was provided by Investors Bank and offers favorable terms, including a fixed interest rate of 3.375% for 10 years. The loan has a 24-month interest-only period and a loan-to-value (LTV) ratio of 70%. The amortization period is set at 30 years.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $21,625,000
• Address: 5 Meadow Lane
• Market: Gloucester City
• Lender: Investors Bank
• Landlord: Irv Cyzner - Cyzner Properties
• Broker: Kathy Anderson - Progress Capital

Under the ownership of Irv Cyzner of Cyzner Properties, this multifamily property secured a construction loan, enabling the development or renovation of the asset. Represented by Kathy Anderson of Progress Capital, the deal was successfully facilitated. The loan terms offered by Investors Bank provide favorable conditions for the buyer, with a competitive fixed interest rate and a comfortable LTV ratio.