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Real Estate

$60M Loan Funds 13-Acre Multifamily Development In Bogota

A multifamily development is coming to Bogota.
A multifamily development is coming to Bogota. Photo Credit: Contributed

A $60 million construction loan was recently advised for a construction project bringing luxury apartments and retailers to Bogota.

The loan was advised by Cushman & Wakefield’s Equity, Debt & Structured Finance (EDSF) team will fund Phase I of the River Club complex, which broke ground last fall on West Fort Lee Road.

The development will include

  • 8,000-square-foot clubhouse featuring fitness and media rooms
  • 5,000-square-foot outdoor amenity area with an infinity-edge heated pool, theater, natural grass grills
  • Riverfront walkway with dog park
  • On-site NJ Transit bus stop with access to NYC and beyond.

Residents will also benefit from approximately 8,000 square feet of on-site retail space.

The first two buildings are expected to be completed by the end of the year with the next pair to wrap up at the end of 2020, borough officials said.

The development was approved in 2016 at the site of the former Hess Company tank farm.

The area was prone to flooding but the new buildings will be on razed tank land so they will be out of the flooding zone.

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