Bogota Mixed-Use Development Secures $60M Loan
PCD Development, a subsidiary of PCD Capital, LLC, and Saber are building a 421-unit luxury rental apartment community with supporting 8,000 square feet of retail space on a riverfront parcel at 238 West Fort Lee Road.
BOGOTA, NJ—The joint venture of PCD Development of New Providence, NJ and Saber Real Estate Advisors, LLC of Armonk, NY has secured a $60-million construction loan for phase 1 of its mixed-use development on West Fort Lee Road here.
PCD Development, a subsidiary of PCD Capital, LLC, and Saber are building a 421-unit luxury rental apartment community with supporting 8,000 square feet of retail space on a riverfront parcel at 238 West Fort Lee Road.
Cushman & Wakefield’s Equity, Debt & Structured Finance team of John Alascio and Sridhar Vankayala, along with multifamily investment sales specialist Brian Whitmer, advised on the $60-million construction financing that was provided by M&T Bank and BBVA USA.
“Lenders continue to actively back strong multifamily development projects with proven developers,” Alascio says. “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 project’s amenities include an 8,000-square-foot clubhouse featuring fitness and media rooms; a 5,000-square-foot outdoor amenity area with an infinity-edge heated pool, theater, natural grass grills; a riverfront walkway with dog park; and a new on-site NJ Transit bus stop.
“The Hackensack/Bogota submarket is seeing multiple developments either underway or being proposed, which is fueling the area’s transformation,” Vankayala notes. “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.”
Earlier this week Toll Brothers Apartment Living closed on a 2.97-acre, fully approved development site in Downtown White Plains, NY for $32.76 million from Saber Real Estate Advisors.
Saber secured all necessary approvals and incentives from the Westchester County Industrial Development Agency before selling the project, which will include 276 apartments, 25,200 square feet of retail space and 742 parking spaces, to the Toll Brothers affiliate.
The property is located at 80-100 Westchester Ave., across from the Westchester Mall.