July 19, 2019 Comments Off on Bogota Rental Project Lands $60M Construction Loan Views: 495 New Jersey, New York News, Tri-State Area New York

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.

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