BOGOTA, NJ – Cushman & Wakefield’s Equity, Debt & Structured Finance (EDSF) team advised on a $60 million construction loan for Phase I of a 13-acre, multifamily development in Bogota. PCD Development, LLC of New Providence, N.J., a subsidiary of PCD Capital, LLC, along with its partners at Saber Real Estate Advisors, LLC of Armonk, N.Y. are building an exciting 421-unit luxury rental community with supporting retail on the riverfront site at 238 West Fort Lee Road.
EDSF’s John Alascio and Sridhar Vankayala, with multifamily investment sales specialist Brian Whitmer, advised on the financing which was 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 project will incorporate first class amenities, including 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 with access to NYC and beyond. Residents will also benefit from approximately 8,000 square feet of onsite retail space.
“The Hackensack/Bogota submarket is seeing multiple developments either underway or being proposed, which is fueling the area’s transformation,” Vankayala noted. “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.”
Cushman & Wakefield EDSF is a leading advisor of state-of-the-art financing and equity structuring, with a demonstrated track record for completing mid-market and large, complex transactions at exceptional terms. The team executed nearly $12 billion in 2018. This included debt and equity for acquisitions, refinancings, recapitalizations and loan sales; and capital solutions for senior and subordinate debt, as well as limited partner and general partner equity.
About Cushman & WakefieldCushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
