Cushman & Wakefield announced Wednesday its Equity, Debt & Structured Finance team advised on a $60 million construction loan for the first phase of a 13-acre, multifamily development in Bogota.
New Providence-based PCD Development LLC, a subsidiary of PCD Capital LLC, along with Armonk, New York-based Saber Real Estate Advisors LLC, will be constructing a 421-unit luxury rental community with retail at 238 West Fort Lee Road.
John Alascio and Sridhar Vankayala of Cushman & Wakefield’s EDSF team along with Brian Whitmer, multifamily investment sales specialist, advised on the financing provided by M&T Bank and BBVA USA.
“Lenders continue to actively back strong multifamily development projects with proven developers,” Alascio said. “PCD’s experience, strong deal metrics and a transforming submarket resonated in this offering, with M&T ultimately providing the best terms to win the business.”
The site will have amenities including an 8,000-square-foot clubhouse with fitness and media rooms; a 5,000-square-foot outdoor area with a pool, theater and grills; a riverfront walkway with a dog park; a new NJ Transit bus stop; and more. The property will also have 8,000 square feet for onsite retail.
“The Hackensack/Bogota submarket is seeing multiple developments either underway or being proposed, which is fueling the area’s transformation,” Vankayala said. “We are excited to be part of this progress via this exciting project on West Fort Lee Road. Cushman & Wakefield continues to be active in this submarket both on the financing and sale side.”
