Edgewater, New Jersey, October 3, 2025
News Summary
S3 Capital provided a $255 million construction loan to finance the first phase of a planned $1 billion mixed-use waterfront development at 615 River Road in Edgewater, New Jersey. The initial phase will deliver a 25-story luxury rental tower with 381 apartments, ground-floor retail and parking for more than 500 vehicles, plus an on-site ferry terminal and a 2.5-acre public waterfront park that connects to the Hudson River Waterfront Walkway. The broader master plan anticipates roughly 1,200+ units, a mix of market-rate and affordable housing, and extensive resident amenities and transit connections.
Major construction loan clears way for first phase of Edgewater waterfront project at 615 River Road
A $255 million construction loan has been originated to fund the initial phase of a planned $1 billion mixed‑use waterfront development at 615 River Road in Edgewater, New Jersey. The loan will finance a 25‑story ultra‑luxury rental tower that serves as the first building in a multi‑phase plan for the Hudson River site.
What the first phase will deliver
The opening phase will include 381 apartments, ground‑floor retail, and parking for more than 500 vehicles spread across six levels of parking. Residents will have access to over 25,000 square feet of indoor amenities, including a large fitness center, indoor spa and pool, sauna, salt room, golf simulator, sports court, private workspaces, and a stadium‑style screening room. Outdoor amenities will include landscaped roof terraces and a publicly accessible waterfront park.
Transit and public access features
The overall site plan includes a new public ferry terminal that will provide direct service to Manhattan’s West Side, with reported travel times under 15 minutes to Hudson Yards and surrounding job centers. The development will also include onsite “super stops” for regional buses with service to the Port Authority Bus Terminal, and it sits within walking distance of retail anchors such as Whole Foods, Trader Joe’s, and Target.
Full buildout and public space
At full buildout the project is expected to deliver roughly 1,200+ residential units and more than 1,000 parking spaces. The developer will construct a 2.5‑acre public waterfront park with about 650 feet of river frontage, which will connect to the regional waterfront promenade that runs along the Hudson River.
Design and unit details
The building’s exterior is designed with a distinctive notched glass and corrugated treatment meant to reflect the nearby Palisades. Interior design work includes high‑end finishes such as hardwood floors, custom cabinetry, quartz counters, and stone‑tiled baths. Most two‑bedroom units will include walk‑in closets, and more than one third of residences will offer flexible alcoves or den spaces for remote work or guest use.
Financing and market context
The lender behind the construction loan is a private real estate finance firm that has been active in bridge and construction lending nationwide. The firm has originated billions across hundreds of middle‑market residential loans and has been expanding its geographic footprint. A third‑party capital markets firm brokered the transaction that paired the lender with the developer.
Developer profile and goals
The developer is a tri‑state residential developer with prior assets along the Hudson River, including a multi‑hundred unit property in a nearby town. The firm is positioning this project to add both market‑rate and affordable housing options, with an emphasis on modern waterfront living and strong transit connections for commuters.
Legal and neighborhood notes
Separately, a nearby River Road property has become the subject of a legal dispute between neighboring municipalities and the project owner. Local officials have filed suit alleging recent construction exceeded prior height approvals; a court issued a temporary restraining order on further work while the dispute moves through the courts. The contested site had prior ownership with a history of criminal convictions for corruption, and the development now faces review under new management.
Other regional projects mentioned
In a different city’s Edgewater neighborhood, public funding approval cleared a $22 million Tax Increment Financing package for an 11‑story all‑affordable, fully electric apartment building expected to deliver more than 90 units. Most homes there will be affordable to households at or below 60% of area median income, with a small number at 30% AMI. That project emphasizes proximity to transit and aims to preserve neighborhood diversity.
And in a Texas community named Edgewater Park, county leaders outlined a three‑phase park redevelopment set to begin construction work in early 2026 for Phase One. Plans include shallow detention basins, trails, and connections to a larger regional greenway network.
Next steps and timing
With the construction loan closed, the first tower at 615 River Road is set to move into the construction phase. The broader development will be delivered in phases over several years, with the park and ferry terminal scheduled as key public pieces of the waterfront plan. Permitting, final financing for later phases, and market conditions will influence exact timing for full buildout.
Frequently asked questions
What is the size of the construction loan?
The loan totals $255 million and underwrites the first phase of the waterfront plan.
How many homes are in phase one?
Phase one includes 381 rental units in a 25‑story building.
Will there be public transit access on site?
Yes. Plans call for a new public ferry terminal with direct service to Manhattan’s West Side and onsite bus stops that connect to regional routes.
How much parking will the project provide?
The initial building will offer parking for more than 500 vehicles; the entire development is expected to deliver over 1,000 parking spaces at full buildout.
Is there public open space included?
Yes. The developer will build a 2.5‑acre waterfront park with roughly 650 feet of river frontage that will connect to the regional waterfront promenade.
Are there affordable housing units in the plan?
The development plan includes a mix of market‑rate and affordable housing across the overall site.
What is the expected timeline?
The loan closing clears the way for construction of the first tower. Subsequent phases, public park construction, and the ferry terminal will be staged over multiple years and depend on permitting and further financing.
{
“@context”: “https://schema.org”,
“@type”: “FAQPage”,
“mainEntity”: [
{
“@type”: “Question”,
“name”: “What is the size of the construction loan?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “The loan totals $255 million and underwrites the first phase of the waterfront plan.”
}
},
{
“@type”: “Question”,
“name”: “How many homes are in phase one?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “Phase one includes 381 rental units in a 25-story building.”
}
},
{
“@type”: “Question”,
“name”: “Will there be public transit access on site?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “Plans call for a new public ferry terminal with direct service to Manhattan’s West Side and onsite bus stops that connect to regional routes.”
}
},
{
“@type”: “Question”,
“name”: “How much parking will the project provide?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “The initial building will offer parking for more than 500 vehicles; the entire development is expected to deliver over 1,000 parking spaces at full buildout.”
}
},
{
“@type”: “Question”,
“name”: “Is there public open space included?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “The developer will build a 2.5‑acre waterfront park with roughly 650 feet of river frontage that will connect to the regional waterfront promenade.”
}
},
{
“@type”: “Question”,
“name”: “Are there affordable housing units in the plan?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “The development plan includes a mix of market-rate and affordable housing across the overall site.”
}
}
]
}
Key project features at a glance
| Feature | Detail |
|---|---|
| Construction loan | $255 million |
| Developer | The Maxal Group (tri‑state residential developer) |
| Phase one | 25 stories, 381 apartments, ground‑floor retail |
| Full buildout | Approximately 1,200+ residential units |
| Parking | More than 500 spaces in phase one; 1,000+ overall |
| Public park | 2.5 acres with ~650 feet of river frontage |
| Transit | Onsite ferry terminal to Manhattan West Side; NJ Transit bus stops |
| Amenities | 25,000+ sq ft indoor amenities, roof terraces, waterfront park |
| Design firms | Exterior design by an architecture firm; interiors by an award‑winning interior firm |
| Transaction broker | Galaxy Capital (deal broker) |
Deeper Dive: News & Info About This Topic
Additional Resources
- NJB Magazine: S3 Capital originates $255M loan for 615 River Road, Edgewater NJ
- Wikipedia: Edgewater, New Jersey
- NBC New York: Fred Daibes, Cliffside Park & Edgewater NJ real-estate reporting
- Google Search: 615 River Road Edgewater NJ S3 Capital
- News-Journal Online: Edgewater community blasts state law ending moratorium (Volusia, FL)
- Encyclopedia Britannica: Search — Edgewater Florida
- ReduceFlooding.com: Development of Edgewater Park restarting
- Google News: Edgewater Park redevelopment
- Loyola Phoenix: Starved of affordable housing — Edgewater officials work to implement development
- Google Scholar: affordable housing Edgewater Chicago TIF
Author: Construction NY News
NEW YORK STAFF WRITER The NEW YORK STAFF WRITER represents the experienced team at constructionnynews.com, your go-to source for actionable local news and information in New York and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the New York Build Expo, infrastructure breakthroughs, and cutting-edge construction technology showcases. Our coverage extends to key organizations like the Associated General Contractors of New York State and the Building Trades Employers' Association, plus leading businesses in construction and real estate that power the local economy such as Turner Construction Company and CMiC Global. As part of the broader network, including constructioncanews.com, constructiontxnews.com, and constructionflnews.com, we provide comprehensive, credible insights into the dynamic construction landscape across multiple states.
