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.
$255 Million Construction Loan Backs 25‑Story, 381‑Unit Waterfront Tower in Edgewater
A $255 million construction loan has been secured to build the first phase of a planned $1 billion mixed‑use waterfront neighborhood at 615 River Road in Edgewater, New Jersey. The financing covers a 25‑story luxury rental building that will deliver 381 apartments, ground‑floor retail space and parking for more than 500 vehicles. The loan follows a pattern of private lending growth for mid‑market residential construction across the country.
What the initial building will include
The first tower is designed as an ultra‑luxury multifamily development with floor‑to‑ceiling glass, a distinctive notched façade and high‑end interiors. Nearly all two‑bedroom units include walk‑in closets, and more than one‑third of units provide flexible alcoves or den spaces for remote work. Interior finishes will feature hardwood floors, custom cabinetry, quartz countertops and spa‑style stone‑tiled bathrooms.
Residents will have access to over 25,000 square feet of indoor amenities, including an advanced 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 a public waterfront park that the developer will build on site.
Transit and parking
A major feature of the site plan is a new public ferry terminal providing direct ferry service to Manhattan’s west side with access to the Hudson Yards area in under 15 minutes. The project also includes on‑site “super stops” for regional bus routes connecting to the Port Authority Bus Terminal. The full master plan calls for six levels of parking in the initial tower and, at full buildout, more than 1,000 parking spaces across the campus.
Master plan and public space
The initial building will be the first phase of a larger master plan that ultimately envisions about 1,200 residential units plus a mixed mix of market‑rate and affordable housing. The developer will construct a 2.5‑acre public waterfront park with roughly 650 feet of river frontage that will connect to the broader Hudson River Waterfront Walkway, an 18.5‑mile promenade along the river.
Design and developers
The tower’s exterior was created under the vision of an established architecture firm and the interiors were designed by an award‑winning interior studio. The development team is experienced in tri‑state waterfront projects and has assets in nearby communities. The financing was brokered by a capital markets intermediary that arranged the loan between the lender and the developer.
Lender activity and broader context
The lender behind the loan continues to expand its construction finance footprint nationally and has originated billions of dollars across hundreds of bridge and construction loans for middle‑market residential projects. Recent organizational growth included opening new regional offices to extend lending reach in high‑demand markets.
Regional construction briefs
Chicago — Affordable housing funding wins approval
Local officials secured $22 million in tax increment financing for an 11‑story affordable housing project in an Edgewater neighborhood. The plan calls for more than 90 fully electric apartments, with most units affordable to households earning up to 60% of area median income and five units set at roughly 30% AMI. The site will replace an existing municipal office and sits one block from a rapid transit station. The project moves next to a municipal finance committee and aims to begin construction within the coming year.
Kingwood, Texas — Edgewater Park rebuild enters Phase One planning
Redevelopment of a regional park on the San Jacinto West Fork is staged in three phases, with Phase One expected to be bid late this year and construction beginning in early 2026. Plans include four shallow detention basins with trails winding around and over them to create naturalistic wetland edges and improved connections to a regional greenway network.
Bergen County, New Jersey — Height dispute halts work at nearby riverfront
A neighboring borough filed suit alleging a riverfront development exceeded its approved height. A judge issued a temporary restraining order pausing further construction while the dispute proceeds. The contested project is a mixed hotel and condominium complex that plaintiffs say rose well above the permitted 150‑foot cap; the developer asserts the plaintiffs have not shown legal grounds for relief and warns of economic harm from a stoppage. A further court date is set to resolve the matter.
What this means for the market
The combination of large private construction loans, added transit amenities and sizable public open space shows a push toward transit‑oriented waterfront development that aims to attract commuters, young professionals and families priced out of core urban markets. The inclusion of both market‑rate and affordable housing elements, plus dedicated parkland and new ferry infrastructure, signals developer interest in projects that pair dense housing with improved connectivity and public benefits.
Frequently Asked Questions
Q: How much financing was provided for the Edgewater project?
A $255 million construction loan was originated to finance the first phase of the development at 615 River Road.
Q: What will the first building include?
The initial phase is a 25‑story building with 381 apartments, ground‑floor retail, more than 500 parking spaces in multiple levels, extensive indoor amenities and access to a planned public ferry terminal.
Q: Will there be public space and parkland?
Yes. The developer will construct a 2.5‑acre waterfront park with roughly 650 feet of river frontage that will join the regional waterfront walkway.
Q: Is the project transit‑oriented?
Yes. The plan includes a new public ferry terminal with direct access to Manhattan’s west side in under 15 minutes and dedicated bus “super stops” for regional service.
Q: Are there other related projects in the region?
Separate developments include an 11‑story affordable housing project funded with TIF dollars in a Chicago neighborhood and a multi‑phase park redevelopment in Kingwood, Texas. There is also an ongoing legal dispute over a nearby riverfront height variance in Bergen County.
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Key Project Features — 615 River Road
| Feature | Detail |
|---|---|
| Loan Amount | $255,000,000 |
| First Phase | 25 stories, 381 units |
| Master Plan Size | ~1,200+ residential units at full buildout |
| Parking | 6 levels in first tower; >500 spaces initially; >1,000 at full buildout |
| Transit | On‑site public ferry terminal; bus super stops to regional hubs |
| Public Park | 2.5 acres, ~650 ft river frontage; connects to waterfront walkway |
| Amenities | 25,000+ sq ft indoor; pool, spa, fitness, screening room, golf simulator; roof terraces |
| Housing Mix | Market‑rate and affordable units planned |
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
Author: Construction TX News
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