EDGEWATER, N.J. — S3 Capital has provided a $255 million construction loan to finance the first phase of a $1 billion mixed-use development located on the Hudson River in the Northern New Jersey city of Edgewater. Galaxy Capital arranged the financing on behalf of the borrower and developer, New York City-based The Maxal Group.
The initial phase of the project, dubbed 615 River Road, will be the first building in the planned development, which will ultimately comprise 1,200 residential units and more than 1,000 parking spaces, along with a 2.5-acre public waterfront park to link up with the 18.5-mile Hudson River Waterfront Walkway. A timeline for construction has not been announced.
“We are thrilled to partner with The Maxal Group as they develop a transformative project that will bring much-needed state-of-the art housing and transit access to the Edgewater waterfront,” says Shawn Safdie of S3 Capital. “This transaction reflects our commitment to supporting best-in-class developers delivering new product to undersupplied markets.”
615 River Road will include a 25-story luxury apartment building featuring 381 units, ground-floor retail space and parking for roughly 500 vehicles. The property will also include a new public ferry terminal that will provide direct service to Manhattan’s west side.
Designed by FXCollaborative and CetraRuddy, the multifamily development will showcase a distinctive “notched” glass-and-corrugated façade, with interior furnishings such as hardwood floors, custom cabinetry, quartz countertops and stone-tiled baths.
615 River Road will comprise mostly two-bedroom residences, with more than a third of the units featuring additional alcove or den spaces. The property will also feature 25,000 square feet of amenities, including a fitness center, indoor spa with a swimming pool, sauna and salt room, golf simulator, sports court, a stadium-style screening room and private workspaces. Meanwhile, residents can also enjoy outdoor offerings such as landscaped roof terraces.
Upon completion of the full project, the development will feature a mix of market-rate and affordable housing options, six levels of parking, as well as access to nearby retail offerings including Whole Foods Market, Trader Joe’s and Target.
New York City-based S3 Capital has originated more than $7 billion across 750 bridge and construction loans for middle-market residential developments. S3 has also expanded its footprint across the country, opening new offices in Texas and Florida.
The Maxal Group is an active investor and developer of high-profile real estate in the Tri-State area, with more than 1,500 units located on the New Jersey gold coast waterfront in the development pipeline.
— Abby Cox