A rising 421-unit rental development along the Hackensack River in Bogota, approved by the borough’s planning board in 2016, got a boost this month.
The 13-acre River Club development, on land that once held a Hess fuel tank farm, received a $60 million construction loan for Phase I. Cushman & Wakefield’s Equity, Debt & Structured Finance (EDSF) team advised on the loan for Phase I of the project. The financing was provided by M&T Bank and BBVA USA.
Developers PCD Development of New Providence (a subsidiary of PCD Capital) and Saber Real Estate Advisors of Armonk, N.Y. held a groundbreaking last October at the site, at 238 West Fort Lee Road.
The mixed-use project will include 8,000 square feet of retail space, transforming an industrial section of the river into a walkable neighborhood.
The luxury project will include an infinity-edge heated pool, a theater, an 8,000-square-foot clubhouse featuring fitness and media rooms, a dog run, and natural gas grills.
Bogota is a Bergen County town of approximately 8,000 people, across the river from Hackensack and west of Teaneck.
“The Hackensack/Bogota submarket is seeing multiple developments either underway or being proposed, which is fueling the area’s transformation,” said Sridhar Vankayala of Cushman & Wakefield.
The area is within walking distance of Oscar Olsen Park, as well as the old but recently renovated Court Street Bridge that crosses the river to Hackensack.
