Edgewater, New Jersey, October 6, 2025
News Summary
A $225 million construction loan from S3 Capital clears the way for Phase I of a major waterfront redevelopment at 615 River Road in Edgewater, New Jersey. The first phase will deliver a 25‑story tower with 381 luxury apartments, ground-floor retail, parking for more than 500 vehicles and an on-site public ferry terminal providing direct service to Manhattan’s West Side. The Maxal Group develops the project with architecture by FXCollaborative and interiors by CetraRuddy. The full master plan calls for three towers, over 1,200 units, commercial space and a 2.5‑acre public park.
Edgewater’s 615 River Road Phase I Secures $225 Million Construction Loan; Ferry Terminal Included
A major construction loan has cleared the way for the first phase of a large waterfront redevelopment at 615 River Road in Edgewater, New Jersey. Lender S3 Capital originated $225 million in construction financing for Phase I of a planned 1.2 million–square-foot, mixed-use project on a 19-acre site. Galaxy Capital brokered the transaction. Construction is set to begin immediately, with Phase I targeting delivery in the fourth quarter of 2027.
What the first phase includes
Phase I will rise as a 25-story tower delivering 381 luxury apartments, ground-level retail and parking for more than 500 vehicles. The podium will feature an on-site public ferry terminal designed to provide direct service to Manhattan’s West Side. The project will also include on-site super stops connecting residents to NJ Transit bus routes that serve the Port Authority Bus Terminal, reinforcing the development’s transit-oriented focus.
Developer, design and delivery
The Maxal Group is the developer for the 615 River Road project. Architectural design for the Phase I tower is by FXCollaborative, which proposed a notched glass-and-corrugated façade intended to reference the nearby Palisades. Interiors are by CetraRuddy and aim for a resort-style experience with high-end finishes such as hardwood floors, custom cabinetry, quartz countertops and stone-tiled, spa-inspired bathrooms.
Full build-out and public amenities
When completed in full, the master plan calls for three towers and more than 1,200 residential units across the site, alongside approximately 20,000 square feet of commercial space and over 1,000 parking spaces distributed across six levels. The plan also includes a 2.5-acre public park with roughly 650 feet of waterfront frontage. Phase I itself will offer more than 25,000 square feet of resident amenity space and a unit mix with expansive layouts, a majority of two-bedroom units equipped with walk-in closets and more than one-third of apartments featuring flexible alcoves or den spaces.
Financing context and lender activity
S3 Capital, the construction lender in this deal, has a track record of originating bridge and construction loans for middle-market residential projects. The firm reports more than $7 billion originated across 750-plus loans and has recently expanded its office footprint in Texas and Florida. The $225 million loan for 615 River Road adds to a string of recent transit-oriented financings in the region and nationwide.
Approvals and timing
The project received local planning board approval in 2021. With financing now secured, project stakeholders expect construction to start right away. Phase I delivery is targeted for the fourth quarter of 2027, a timetable that aligns with other large residential projects in the region moving toward 2027 completions.
Regional context and comparable activity
The deal comes amid a busy period for large residential and mixed-use financings. Other recent moves in the greater region and similar transit-focused projects include multimillion-dollar refinancing and construction packages across nearby cities and states. These deals illustrate continued institutional interest in waterfront and transit-adjacent housing product that ties directly into major employment centers.
Design credits and project visuals
Design attribution for Phase I is to FXCollaborative, with interior architecture by CetraRuddy. A project rendering was provided by FXCollaborative for public materials and planning review assignments.
Why it matters
The financing unlocks immediate construction activity for a large-scale waterfront redevelopment that blends housing, retail and transit access. The on-site ferry terminal and bus access are central to the development’s goal of improving direct connections to Manhattan while increasing housing supply along the Hudson River waterfront. Planned public open space and a mix of market-rate and affordable units are part of the broader community and planning commitments built into the master plan.
FAQ
What is being built at 615 River Road?
Phase I is a 25-story residential tower with 381 apartments, ground-level retail, an on-site ferry terminal and parking for more than 500 vehicles. The full master plan covers three towers and more than 1,200 residential units.
Who is financing and developing the project?
S3 Capital originated a $225 million construction loan for Phase I. Galaxy Capital served as broker. The Maxal Group is the developer.
When will construction start and finish?
Construction will begin immediately following the loan closing, and Phase I is targeted for completion in the fourth quarter of 2027.
How will the development connect to Manhattan?
The project includes a new on-site public ferry terminal providing direct service to Manhattan’s West Side and will feature super stops for NJ Transit buses linking to the Port Authority Bus Terminal.
What public amenities are planned?
The full site plan calls for a 2.5-acre public park with roughly 650 feet of waterfront frontage, commercial space, and extensive resident amenity areas within Phase I exceeding 25,000 square feet.
Who designed the building and interiors?
The tower design is by FXCollaborative and interiors are by CetraRuddy. Design elements include a notched glass-and-corrugated façade and resort-style interior finishes.
Key Project Features
| Feature | Detail |
|---|---|
| Project Address | 615 River Road, Edgewater, NJ |
| Phase I Financing | $225,000,000 construction loan (S3 Capital) |
| Phase I Size | 25 stories, 381 apartments, >500 parking spaces |
| Full Development | 1.2M SF mixed-use; 3 towers; 1,200+ residential units; ~20,000 SF commercial; >1,000 parking spaces; 2.5-acre public park |
| Transit Features | On-site ferry terminal with direct Manhattan West Side service; NJ Transit bus super stops |
| Design | Architecture by FXCollaborative; interiors by CetraRuddy; rendering credited to FXCollaborative |
| Target Delivery | Phase I targeted for Q4 2027 |
| Developer | The Maxal Group |
Deeper Dive: News & Info About This Topic
Additional Resources
- NJBIZ: Edgewater apartments & ferry construction loan
- Wikipedia: Edgewater, New Jersey
- The Real Deal: SB Development, Hazelton score $170M construction loan
- Google Search: SB Development Cove Miami construction loan
- BusinessWire: Oak Row Equities secures $210.5M for 2900 Terrace
- Encyclopedia Britannica: Edgewater Miami 2900 Terrace
- Florida YIMBY: $210.5M construction financing for 2900 Terrace
- Google Scholar: transit-oriented development Edgewater Miami
- Profile Miami Real Estate: One Thousand Group and Terra secure $285M for Villa Miami
- Google News: Villa Miami construction loan
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