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.
S3 Capital originates $255 million construction loan for first phase of 615 River Road waterfront development in Edgewater, NJ
S3 Capital has provided a $255 million construction loan to fund the initial phase of a planned $1 billion mixed‑use waterfront development at 615 River Road in Edgewater, New Jersey. The funded first phase will deliver a 25‑story luxury rental tower with 381 apartments, ground‑floor retail and parking for more than 500 vehicles. The project also includes a new public ferry terminal that will provide direct service to Manhattan’s West Side with travel times reported at under 15 minutes to the Hudson Yards area.
Project scope and design
The 615 River Road tower is the first building in a larger master plan that is expected to ultimately deliver approximately 1,200+ residential units and more than 1,000 parking spaces upon full buildout. The development plan features six levels of parking and a mix of market‑rate and affordable housing. The developer has set aside space for a 2.5‑acre public waterfront park with roughly 650 feet of river frontage that will connect to the Hudson River Waterfront Walkway, an 18.5‑mile promenade along the riverfront.
Architectural and interior teams have been retained to position the building as a high‑end rental option on the Hudson. The exterior is described as a distinctive notched glass and corrugated façade inspired by the nearby Palisades, while interiors include hardwood floors, custom cabinetry, quartz countertops and stone‑tiled baths. Unit plans emphasize two‑bedroom layouts with walk‑in closets and a significant share of units that include an alcove or den for remote work or guest use.
Amenities, transit and neighborhood access
Residents will have access to more than 25,000 square feet of indoor amenities, including a fitness center, indoor spa with pool, sauna, salt room, golf simulator, sports court, private workspaces and a stadium‑style screening room. Outdoor offerings include landscaped roof terraces and the on‑site waterfront park. The development also incorporates on‑site “super stops” connecting to regional bus routes with service to a major bus terminal in Manhattan.
The site is within walking distance of major retail options including Whole Foods, Trader Joe’s and Target, and the project is being marketed to commuters, young professionals and families seeking strong transit connections to Manhattan paired with waterfront living.
Financing and stakeholders
The construction loan was arranged by a national private lender noted for active bridge and construction lending. A separate capital advisory firm brokered the deal. The lender has reported a portfolio of more than $7 billion across over 750 bridge and construction loans for middle‑market residential developments and has expanded its footprint with new offices in Texas and Florida during the current year.
The developer is a tri‑state residential builder with an existing local portfolio and is leading the full community buildout. The initial financed building is intended to set the design and amenity standard for the remainder of the master plan.
Other regional construction and housing updates
Chicago — Edgewater affordable housing funding secured
Local officials approved $22 million in Tax Increment Financing to support an upcoming 11‑story affordable housing development that will replace an underused municipal site on Broadway. The project, led by a long‑running affordable housing nonprofit building on the North Side for the first time, proposes more than 90 fully electric apartments. Most units are planned to serve households at up to 60% of area median income (AMI), with a subset at 30% AMI. The development will be transit‑oriented, located one block from a Red Line stop, and include bike parking and a small vehicle lot. Financing combines low‑income housing tax credits with local TIF support, with officials pursuing additional local policy tools to reduce reliance on federal credits.
Kingwood, Texas — Edgewater Park redevelopment moves toward Phase One
County precinct officials outlined a three‑phase redevelopment plan for a park in Kingwood that will form part of a larger greenway network. Phase One includes four shallow detention basins with trails and wetland‑friendly planting and is planned to be bid late this year, with construction targeted to start in the first quarter of 2026. The park work is intended to improve connectivity along the Spring Creek Greenway and serve as a backbone for future phases.
Bergen County dispute over 440 River Road construction
Neighboring municipal officials filed suit alleging that a waterfront project has exceeded approved height limits. A court issued a temporary restraining order pausing additional vertical work while the dispute proceeds. The contested project, originally approved in 2018 and now under new development leadership, is alleged to have risen beyond its permitted height, prompting concerns about impacts on neighboring views and property values. A further hearing is scheduled later this year.
FAQ
What is being financed at 615 River Road?
The loan covers the first phase: a 25‑story residential tower with 381 apartments, retail space and parking for more than 500 vehicles, plus a new public ferry terminal and waterfront park planned as part of the larger master plan.
How large is the full development expected to be?
At full buildout the master plan is expected to deliver about 1,200 residential units and over 1,000 parking spaces, along with public waterfront access and additional mixed‑use elements.
Will there be affordable housing included?
Yes. The overall development includes a mix of market‑rate and affordable units as part of its planned housing mix.
How will the ferry terminal affect commute times?
The on‑site ferry terminal is planned to offer direct service to Manhattan’s West Side with reported travel times under 15 minutes to major West Side destinations.
What other nearby projects are moving forward?
Separately, an 11‑story affordable housing project in Chicago’s Edgewater neighborhood secured $22 million in TIF support, and a phased park redevelopment in Kingwood, Texas, is advancing toward a 2026 construction start. A legal dispute in Bergen County concerns potential height violations at another Edgewater waterfront site.
Key features of the 615 River Road first phase
| Feature | Detail |
|---|---|
| Financing | $255,000,000 construction loan for phase one |
| Building size | 25 stories, 381 apartments |
| Parking | More than 500 spaces in six levels; master plan > 1,000 spaces |
| Public amenities | 2.5‑acre waterfront park with ~650 ft river frontage; connection to waterfront walkway |
| Transit | On‑site ferry terminal to Manhattan West Side (~15 minutes) and bus super stops to regional routes |
| Amenities | 25,000+ sq ft indoor amenity package including spa pool, fitness center, golf simulator, screening room, plus roof terraces |
| Design teams | Exterior and interiors designed by established architectural and interior firms |
| Master plan scale | Planned to reach roughly 1,200+ units across the full development |
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
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