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River Club Site in Bogota Sells for $17,000,000

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Kathy Anderson, Managing Partner of Progress Capital, on behalf of River Development, negotiated the terms of the sale of ‘The River Club’.  The proposed development sits on the site of the former Hess Oil Terminal and an adjacent parcel which was the former Sifford Pontiac site. The combined 13 acres is situated between West Fort Lee Road and the Hackensack River.

“The site presented many challenges including ongoing environmental concerns from the former uses and entitlement hurdles that are inherent in a riverfront development.  This project will transform Bogota’s waterfront and create an exciting community,” said Kathy Anderson.

The River Club will feature five multifamily buildings including 421 luxury residential apartments, clubhouse, secured parking, resort style pool, a riverwalk and retail. The project also addresses the need for COAH requirements and includes the development of 42 affordable units. Construction is slated to begin Spring 2018.

Warren Waters of River Development confirmed that the purchaser, Jonathan Stein of PCD Capital, LLC will be a great steward of this important development. Mike Bruno of Giordano, Halleran, Ciesla was the lead attorney representing River Development throughout the approval and closing process.  Chris Otteau of Otteau Realty Advisors represented the purchaser during the negotiations.

About Progress Capital

Progress Capital is a leading Commercial Mortgage Brokerage Firm specializing in arranging debt for commercial real estate owners, operators and developers.  With 25 years of industry leading experience, Progress Capital has an unrivaled network of lending partners and capital market relationships allowing us to provide you with flexible custom financing solutions.

About River Development

River Development was founded on the knowledge that redevelopment promotes growth, prosperity and accessibility.  Specializing in properties with environmental and logistical issues, Warren Waters has completed projects in HudsonBergenMonmouth and Atlantic County, NJ and Ulster County, NY.