Massive $1B N.J. waterfront development secures loan for 25-story luxury apartment

A $255 million loan will finance the first construction phase of a massive $1 billion Hudson River development in Bergen County.

S3 Capital said it originated the construction loan which will finance the initial phase of the mixed-use development at 615 River Road in Edgewater.

The project aims to reshape Edgewater’s waterfront with luxury housing, transit connections, and public amenities.

The first phase includes a 25-story luxury rental building featuring 381 apartments.

It will include ground-floor retail space and parking for more than 500 vehicles.

The Maxal Group is developing the waterfront community, which will ultimately include approximately 1,200 residential units across the full buildout.

The tri-state developer has experience in the Hudson River corridor, including the 236-unit Harbor 1500 project in Weehawken.

The development will feature a transportation component that sets it apart from other projects in the area, officials said.

A new public ferry terminal will provide direct service to Manhattan’s West Side.

The property will also include access to NJ Transit bus routes serving the Port Authority Bus Terminal.

The completed development will offer a mix of market-rate and affordable housing units along with six levels of parking.

Residents will have access to major retail chains including Whole Foods, Trader Joe’s, and Target within walking distance.

The plans call for a 2.5-acre waterfront park featuring 650 feet of river frontage.

The park will connect to the Hudson River Waterfront Walkway, an 18.5-mile promenade extending from Fort Lee to Bayonne.

The luxury building incorporates architectural elements designed by FXCollaborative under architect Dan Kaplan.

The structure features a “notched” glass-and-corrugated facade meant to evoke the nearby Palisades, officials said.

CetraRuddy designed the interiors to create a resort-style experience with hardwood floors, custom cabinetry, quartz countertops, and spa-inspired bathrooms.

Amenities will span more than 25,000 square feet of indoor space.

Plans call for a fitness center, indoor spa with pool, sauna and salt room, golf simulator, sports court, private workspaces, and a stadium-style screening room.

Outdoor amenities include landscaped roof terraces.

Nearly all two-bedroom units will include walk-in closets, while more than one-third of units will feature flexible alcove or den spaces suitable for remote work.

“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,” said Bruce Sturman, founder and managing director of The Maxal Group.

Galaxy Capital brokered the transaction between S3 Capital and The Maxal Group.