A development team is moving forward with a new 421-unit luxury apartment project in Bogota with the help of a newly announced, $60 million loan arranged by Cushman & Wakefield.
Brokers with the firm advised the borrowers, a joint venture of PCD Development LLC and Saber Real Estate Advisors LLC, in securing the financing. The construction loan will support the first phase of a riverfront, 13-acre development at 238 West Fort Lee Road.
John Alascio and Sridhar Vankayala of C&W’s equity, debt and structured finance team and investment sales specialist Brian Whitmer sourced the financing, which is being 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.”
Located just east of Hackensack, the project calls for amenities such as an 8,000-square-foot clubhouse featuring fitness and media rooms, along with a 5,000-square-foot outdoor amenity area with an infinity-edge heated pool, theater and grills, C&W said. Plans also call for a riverfront walkway with a dog park and a new on-site NJ Transit bus stop.
Additionally, the development is slated to include 8,000 square feet of retail space.
“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.”
PCD Development of New Providence is a subsidiary of PCD Capital LLC. Saber Real Estate Advisors is based in Armonk, New York.