S3 Capital is betting big on New Jersey’s Hudson River waterfront, putting up a $255 million construction loan to launch the first phase of a $1 billion Edgewater megaproject.
The financing will kickstart a 25-story luxury rental at 615 River Road in Edgewater, NJ, delivering 381 apartments, ground-floor retail and more than 500 parking spaces, according to S3. The Maxal Group is behind the project, its latest Hudson-front play following the 236-unit Harbor 1500 in Weehawken.
When fully built, the development is slated to bring more than 1,200 units, a 2.5-acre public waterfront park and a new ferry terminal with direct service to Manhattan’s West Side. That last piece is crucial: the promised 15-minute ride to Hudson Yards is the kind of transit amenity lenders say makes Edgewater more than just spillover from New York.
Designed by FXCollaborative with interiors from CetraRuddy, the rental project will sport a glass-and-corrugated façade nodding to the Palisades, plus 25,000 square feet of amenities from golf simulator to spa. Units are geared toward professionals and families priced out of Manhattan, with layouts catering to remote work.
For Maxal, led by Bruce Sturman, 615 River Road is positioned as a step up in Edgewater’s luxury pipeline, offering floor-to-ceiling glass with skyline views and proximity to retail heavyweights like Whole Foods and Trader Joe’s.
Galaxy Capital brokered the financing.
Edgewater’s planning board approved the project in 2021. The developers had been entangled in a legal battle involving the project’s affordable housing since July 2015, leading to a settlement two years later.
S3, one of the nation’s most active private lenders, framed the deal as part of a strategy to back “transit-oriented residential developments adjacent to major city centers.”
S3’s Steven Jemal, who led the financing, said the project’s ferry terminal would be a “lasting value” for the town, while S3 co-founder Robert Schwartz cast it as another example of the firm’s ability to underwrite and deploy capital quickly.
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