Cushman & Wakefield advises on $60M construction loan in Bergen County

Linda Lindner//July 18, 2019//

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Construction financing rendering for the multifamily project at 238 W. Fort Lee Road in Bogota. – CUSHMAN & WAKEFIELD

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., a subsidiary of PCD Capital LLC, along with its partners at Saber Real Estate Advisors LLC of Armonk, N.Y. are building a 421-unit luxury rental community with supporting retail on the riverfront site at 238 W. 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.

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 and natural grass grills; a riverfront walkway with dog park; and a new, on-site New Jersey Transit bus stop with access to New York City and beyond.

Residents will also benefit from approximately 8,000 square feet of onsite retail space.