S3 Capital has originated a $255 million construction loan to finance the first phase of a landmark $1 billion mixed-use development at 615 River Road on the Hudson River in Edgewater, N.J. 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 approximately 1,200 residential units.
The community is being developed by The Maxal Group, an experienced tri-state developer with assets in the New York and New Jersey markets, including the 236-unit Harbor 1500 in Weehawken. The Maxal Group is strategically focused on development along the Hudson, with a focus on delivering best-in-class residential communities that enhance the waterfront experience.“We see immense opportunity in financing transit-oriented residential developments adjacent to major city centers. This project’s innovative on-site ferry termin
