S3 Capital Originates $255M Construction Loan for Edgewater Multifamily

S3 Capital Originates $255M Construction Loan for Edgewater Multifamily
News| October 6, 2025| Paul Bubny
New York & Tri-State + Apartment Buildings

S3 Capital originated a $255-million construction loan to finance the first phase of a $1-billion mixed-use development at 615 River Rd. on the Hudson River in Edgewater, NJ. The project’s initial phase will deliver a 25-story luxury rental building featuring 381 apartments, ground-floor retail and parking for more than 500 vehicles. Upon full buildout, the development is expected to include approximately 1,200 residential units and will offer ferry service to Manhattan’s West Side.

The community is being developed by The Maxal Group, an experienced Tri-State developer with assets in the New York and New Jersey markets. S3 Capital’s Steven Jemal worked closely on this transaction.

Jemal said, “We see immense opportunity in financing transit-oriented residential developments adjacent to major city centers. This project’s innovative onsite ferry terminal will create lasting value for the entire Edgewater community, and we look forward to supporting The Maxal Group throughout the construction process.”

Join industry leaders on October 23 at Connect New York Apartments Investment & Finance to delve into adaptive reuse strategies, distressed property outlooks, and the evolving dynamics of New York’s multifamily market. Gain insights into navigating policy changes, securing capital, and identifying opportunities in today’s complex real estate landscape. 

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