S3 Capital lends $255M for first phase of rental development in Edgewater, NJ

The Maxal Group spearheads Hudson River transit-oriented development

Edgewater, NJ —S3 Capital announced the origination of a $255 million construction loan to finance the first phase of a landmark $1 billion mixed-use development at 615 River Rd. located on the Hudson River in Edgewater. The project’s initial phase will deliver a 25-story luxury rental building featuring 381 apartments, ground-floor retail space, and parking for more than 500 vehicles. Upon full buildout, the development is expected to include 1,200 residential units.

The community is being developed by The Maxal Group, a tri-state developer with assets in the New York and New Jersey markets, including the 236-unit Harbor 1500 in Weehawken.

S3 Capital’s Steven Jemal worked closely on this transaction and has played an instrumental role in driving S3’s expansion across New Jersey and other key US markets. He said, “We see immense opportunity in financing transit-oriented residential developments adjacent to major city centers. This project’s innovative on-site ferry terminal will create lasting value for the entire Edgewater community, and we look forward to supporting The Maxal Group throughout the construction process.”

615 River Rd. will be the first building in the planned development that will ultimately deliver 1,200+ residential units and more than 1,000 parking spaces. The property will also include a new public ferry terminal, providing direct service to Manhattan’s West Side.

The new ferry terminal will provide residents with direct access to Manhattan’s West Side and the Hudson Yards tech pocket in under 15 minutes. It will also have on-site super stops with access to NJ Transit bus routes with service to the Port Authority Bus Terminal.

Once complete, the development will feature a mix of market-rate and affordable housing, six levels of parking, and unparalleled access to retail amenities, including Whole Foods, Trader Joe’s, and Target, all within a short walk. The Maxal Group will also construct a 2.5-acre public waterfront park with 650 feet of river frontage that will become part of the Hudson River Waterfront Walkway, an 18.5-mile promenade that runs from Fort Lee to Bayonne.

Galaxy Capital brokered the transaction, helping bring together S3 Capital and The Maxal Group for this transformative development. With this closing.

S3 Capital Co-Founder Robert Schwartz added, “Our strategic expansion in key markets across the country strengthens our position as one of the leading private construction lenders in the US. Our ability to underwrite with precision, deploy capital quickly, and bring in-house construction expertise to each project enables developers to successfully execute time after time.”