EDGEWATER, N.J. — S3 Capital has originated a $255 million construction loan for The Maxal Group’s 615 River Road, a multifamily project that will comprise the first phase of construction of a $1 billion redevelopment along the Hudson River in Edgewater. The 25-story community will include 381 units, ground-floor retail space and parking for approximately 500 vehicles. Amenities include a fitness center, indoor pool and hot tub, a sauna, golf simulator, sports court, workspaces and a stadium-style screening room. FXCollaborative is the architect, and CentraRuddy is the interior designer. Galaxy Capital arranged the loan.
Upon full buildout, the development is expected to include approximately 1,200 residential units in a mix of market-rate and affordable housing and a 2.5-acre public waterfront park with 650 feet of river frontage that will become part of the Hudson River Waterfront Walkway, an 18.5-mile-long promenade that runs from Fort Lee to Bayonne, New Jersey. The developer also will create a new public ferry terminal, providing direct service to Manhattan’s West Side. Completion dates were not disclosed.