615 River Road Phase I Secures $225M Loan; Ferry Terminal Included

Edgewater’s 615 River Road Phase I Lands $225 Million Construction Loan; Ferry Terminal Included

Construction financing of $225 million has been secured for the first phase of the large waterfront development at 615 River Road in Edgewater, New Jersey. The funding moves forward a 25-story tower that will deliver 381 apartments, ground-floor retail and an on-site ferry terminal providing direct service to Manhattan’s West Side. With financing in place, builders plan to begin work immediately and target a completion window in the fourth quarter of 2027.

Key deal and project players

The construction loan was originated by a private construction lender and brokered by a capital markets firm. The development is led by a New York-based developer with regional experience across the Hudson, and the first phase’s design was produced by a prominent architecture firm with interiors by a well-known residential studio. The developer’s regional portfolio was cited as background to the financing decision.

What Phase I will deliver

Phase I is programmed as a mixed-use tower with 381 luxury rental apartments, significant amenity space totaling more than 25,000 square feet, retail at the street level and vehicle parking for more than 500 cars. A new public ferry depot within the project site will link the development to Midtown Manhattan, and planned on-site transit “super stops” will connect to regional bus routes that serve the Port Authority Bus Terminal.

Larger development context

The project sits on a 19-acre site and is the first phase of a proposed 1.2 million–square-foot mixed-use campus with an estimated total development cost near $1 billion. At full build-out the master plan calls for three towers, more than 1,200 residential units, roughly 20,000 square feet of commercial space, and over 1,000 parking spaces across multiple levels. The plan also includes a 2.5-acre public park with about 650 feet of Hudson River frontage. Local planning authorities approved the proposal in 2021.

Design and unit features

The Phase I tower was designed with a glass-and-corrugated façade featuring a distinctive notched profile meant to respond to nearby topography. Interiors are being planned to evoke a resort-style atmosphere with finish materials that include hardwood floors, custom cabinetry, quartz countertops and stone-tiled bathrooms. Unit layouts are larger than typical rental offerings, with many two-bedroom units incorporating walk-in closets and more than one-third of units including flexible alcove or den spaces.

Construction and timing

With the construction loan closed and brokerage arrangements completed, ground activity is expected to begin immediately. The delivery goal for Phase I is set for the fourth quarter of 2027, which aligns with completion windows cited for several comparable mid- and high-rise residential projects in the region.

Market and financing context

The lender involved in this transaction has a substantial track record of middle-market construction and bridge lending, having originated billions across hundreds of deals. The firm has recently grown its geographic footprint and emphasized lending into transit-oriented residential projects adjacent to major city centers. The deal was noted as part of a wider cluster of recent transit-oriented and mixed-use financings across the region, including refinancing and construction packages in several neighboring communities.

Public access and transit benefits

The new on-site ferry terminal and planned bus connections aim to integrate the development with cross-Hudson transit patterns and to offer residents and the wider community direct water access to Manhattan’s West Side. The public park and waterfront frontage are key civic elements of the master plan.

Approvals and next steps

The project received planning board approval in 2021. With financing secured for Phase I, project teams will move into upfront construction mobilization, permitting that remains outstanding, and community coordination around the ferry terminal and park programming. Full build-out of the master plan will unfold over multiple phases as additional capital is raised and market conditions allow.

Rendering credit: FXCollaborative