S3 Capital originated a $255-million construction loan to finance the first phase of a $1-billion mixed-use development at 615 River Rd. on the Hudson River in Edgewater, NJ. The project’s initial phase will deliver a 25-story luxury rental building featuring 381 apartments, ground-floor retail and parking for more than 500 vehicles. Upon full buildout, the development is expected to include approximately 1,200 residential units and will offer ferry service to Manhattan’s West Side.
The community is being developed by The Maxal Group, an experienced Tri-State developer with assets in the New York and New Jersey markets. S3 Capital’s Steven Jemal worked closely on this transaction.
Jemal said, “We see immense opportunity in financing transit-oriented residential developments adjacent to major city centers. This project’s innovative onsite ferry terminal will create lasting value for the entire Edgewater community, and we look forward to supporting The Maxal Group throughout the construction process.”
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