S3 Capital gambles big on the waterfront of the Hudson River of New Jersey, so that a $ 255 million construction loan is placed to launch the first phase of an Edgewater Mega project of $ 1 billion.
The financing will initiate a luxury rental home with 25 floors on 615 River Road in Edgewater, NJ, which, according to S3, supplies 381 apartments, shops on the ground floor and more than 500 parking spaces. The Maxal Group is behind the project, the newest Hudson-Front game after the Harbor 1500 of 236 units in Weehawken.
When it is fully built, the development is planned to bring more than 1,200 units, a 2.5 -hectare public waterfront park and a new ferry terminal with direct service on the west side of Manhattan. The latter piece is crucial: the promised 15-minute ride to Hudson Yards is the type of transit facilities and says that it makes overflow then only overflow from New York.
Designed by FXCollaborative with interiors from Cetraruddy, the rental project will have a stained glass and-corrected facade that nods to the Palisades, plus 25,000 square feet facilities from Golf Simulator to Spa. Units are aimed at professionals and families who are priced from Manhattan, with layouts for work.
For Maxal, led by Bruce Sturman, 615 River Road is positioned as a step further in the luxury pipeline of Edgewater, with floor-to-ceiling glass with skyline view and the proximity of heavyweights such as Whole Foods and Trader Joe’s.
Galaxy Capital mediated the financing.
The Edgewater planning board approved the project in 2021. The developers were entangled in a legal battle in which the affordable homes of the project have been involved since July 2015, which led to a settlement two years later.
S3, one of the most active private lenders in the country, has framed the deal as part of a strategy to “support-oriented residential developments in addition to large city centers.”
Steven Jemal van S3, who led the financing, said that the ferry terminal of the project would be a “lasting value” for the city, while co-founder of S3 Robert Schwartz casted it as a different example of the company’s ability to quickly endorse and implement capital.
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