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, NJ.
PCD Development, of New Providence,a subsidiary of PCD Capital, LLC, along with its partners at Saber Real Estate Advisors, are building a 421-unit luxury rental community with 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 amenities including an 8,000 s/f clubhouse featuring fitness and media rooms; a 5,000 s/f outdoor amenity area with an infinity-edge heated pool, theater; 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.