S3 Capital has finalized a $255 million construction loan to support the launch of a $1 billion mixed-use development on New Jersey’s Hudson River waterfront. The financing, issued to The Maxal Group, will fund the first phase of the project at 615 River Road in Edgewater, directly across from Manhattan.
The opening phase centers on a 25-story luxury residential tower featuring 381 rental units, ground-floor retail, and more than 500 parking spaces. Once fully completed, the broader master plan is expected to deliver approximately 1,200 residential units across multiple buildings, positioning the site as one of the most prominent new developments in the region.
A distinctive feature of the project is the integration of an on-site ferry terminal, connecting residents to New York City and strengthening the location’s role as a transit-oriented hub.
Steven Jemal, managing director of origination at S3 Capital, emphasized the strategic importance of the development.
“We see immense opportunity in financing transit-oriented residential developments adjacent to major city centres.
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.”
Shawn Safdie, also managing director of origination at S3 Capital, highlighted both timing and market need.
“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.
This transaction reflects our commitment to supporting best-in-class developers delivering new product to undersupplied markets.”
Robert Schwartz, co-founder of S3 Capital, said the financing aligns with the firm’s broader expansion strategy.
“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.”
From the developer side, The Maxal Group views the partnership as instrumental to delivering a high-end waterfront lifestyle product.
Bruce Sturman, founder and managing director of The Maxal Group, stated:
“We are extremely excited in working with S3 to bring another cutting-edge environment to the Hudson River waterfront.
615 River will be an extraordinary living experience with stunning Manhattan and George Washington Bridge views via floor-to-ceiling glass in units that set itself apart from existing rental product in the marketplace.”
Beyond the initial tower, future phases are expected to bring additional residences, community amenities, and supporting retail, further transforming the Edgewater waterfront. The investment also underscores growing developer and lender confidence in New Jersey’s transit-accessible residential markets, especially amid ongoing demand for luxury housing tied to the New York City metro area.
Originally reported by IPE Staff in IPE Real Assets.
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