Bogota Rental Project Lands $60M Construction Loan
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 LLC and Saber Real Estate Advisors LLC are gearing up to build a 421-unit luxury rental community with supporting retail on the riverfront site at 238 W. Fort Lee Rd.
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.”
Added Vankalaya, “The Hackensack/Bogota submarket is seeing multiple developments either underway or being proposed, which is fueling the area’s transformation.”
Connect Texas Multifamily will take place August 15, 2019 in Dallas. For more information, or to register, click here.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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