‘River Club’ Development Rights Transfer for $17,000,000
Kathy Anderson, Managing Partner of Progress Capital, served as financial advisor to Warren Waters of River Development. The proposed development known as “The River Club” sits on the site of the former Hess Oil Terminal and an adjacent parcel which was the former Sifford Pontiac site. The combined 13 acres is situated between West Fort Lee Road and the Hackensack River.
“The site presented many challenges including ongoing environmental concerns from the former uses and entitlement hurdles that are inherent in a riverfront development. This project will transform Bogota’s waterfront and create an exciting community,” – Warren Waters.
The River Club will feature five multifamily buildings including 421 luxury residential apartments, clubhouse, secured parking, resort style pool, a riverwalk and retail. The project also addresses the need for COAH requirements and includes the development of 42 affordable units. Construction is slated to begin Spring 2018.
Warren Waters of River Development confirmed that the purchaser, Jonathan Stein of PCD Capital, LLC will be a great steward of this important development. Mike Bruno of Giordano, Halleran, Ciesla was the lead attorney representing River Development throughout the approval and closing process. Chris Otteau of Otteau Realty Advisors was the broker of record for the transaction.
Progress Capital is a commercial real estate advisory company serving clients since 1990. With over $40 Billion in closed loans and $150 Million of directly funded bridge loans, we will get you to the closing table… Plain and Simple. #thatsProgress