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.
Major construction loan clears way for large Edgewater waterfront tower
$225 million in construction financing has been secured for the first phase of a mixed-use waterfront development at 615 River Road in Edgewater, New Jersey. The loan funds the initial 25-story tower, which will deliver 381 luxury apartments, ground-level retail and parking for more than 500 vehicles, and an on-site ferry terminal linking the site directly to Manhattan’s West Side.
What just closed and what it means
The construction loan was originated by a private construction lender and brokered by a capital markets firm. With financing in hand, work on Phase I will begin immediately and the developer is targeting occupancy in the fourth quarter of 2027. The financing milestone clears a major hurdle for a project that has been through local planning review and received approval in 2021.
Project at a glance
The full development sits on a roughly 19-acre site and is planned as a $1 billion mixed-use community with about 1.2 million square feet of total space. At full build-out the master plan calls for three towers, more than 1,200 residential units, roughly 20,000 square feet of commercial space, and over 1,000 parking spaces across six levels. The plan also includes a 2.5-acre public park with around 650 feet of waterfront frontage.
Phase I details
Phase I is a 25-story residential tower with 381 units described as luxury rentals. Interiors were designed to deliver a resort-like environment with finishes such as hardwood floors, custom cabinetry, quartz counters and stone-tiled bathrooms. Most two-bedroom homes are planned with walk-in closets, and more than a third of units will include extra flexible spaces such as alcoves or dens. The building will offer in excess of 25,000 square feet of amenity space and will include a new public ferry depot on site plus dedicated transit super stops connecting to regional bus routes.
Design and teams
The tower’s exterior is the work of an architecture firm that used a notched glass-and-corrugated façade meant to echo nearby natural features. Interior design is by a studio known for high-end residential hospitality-style schemes. A rendering for the project was provided by the exterior architect.
Transit and community access
The on-site ferry terminal will create a direct commute option to Manhattan’s West Side, and on-site transit stops are planned to link residents with bus routes serving the Port Authority Bus Terminal. The combined transit access is a central part of the project’s appeal and a key reason the financing was deemed attractive by the lender.
Financing and lender context
The lender has a track record of originating bridge and construction loans for middle-market residential projects and has expanded regionally in recent months. Company representatives framed the loan as part of a strategy to back transit-oriented residential development near major city centers and said the firm brings underwriting and construction expertise to these projects.
Timeline and approvals
Local planning approval for the development was granted in 2021. With the construction loan now in place, the developer plans to break ground on Phase I immediately and to deliver the initial tower by the end of 2027.
Wider market context
The loan comes amid a wave of financing activity for sizable, transit-focused residential projects in the region. Recent examples include multi-hundred-million-dollar refinancings and construction loans in nearby cities. Lenders and developers have continued to place capital behind projects that combine housing with improved transit access.
What this adds to the waterfront
When fully built, the 615 River Road master plan will add a large number of new homes, retail space and public waterfront amenities, including the park and long river frontage. The on-site ferry and enhanced bus connections aim to give residents a direct, lower-friction commute into Manhattan, while the mix of market-rate and affordable units will broaden housing options at the site.
Frequently asked questions
What is being built at 615 River Road?
A three-tower, mixed-use waterfront development on about 19 acres. Phase I is a 25-story building with 381 apartments, retail, parking for over 500 cars and an on-site ferry terminal.
Who is financing the project?
A private construction lender originated a $225 million construction loan for Phase I, with a capital markets firm arranging the transaction.
When will construction start and finish?
Construction on Phase I begins immediately following the loan close, with delivery targeted in the fourth quarter of 2027.
What transit improvements are included?
An on-site ferry terminal providing direct service to Manhattan’s West Side and on-site super stops linking to regional bus routes serving the Port Authority Bus Terminal.
What public amenities are planned?
The full project includes a 2.5-acre public park with roughly 650 feet of waterfront frontage, plus more than 25,000 square feet of resident amenity space in Phase I and street-level retail.
How large is the full development?
The master plan covers about 1.2 million square feet, values roughly at $1 billion, and is expected to deliver more than 1,200 residential units at full build-out.
{
“@context”: “https://schema.org”,
“@type”: “FAQPage”,
“mainEntity”: [
{
“@type”: “Question”,
“name”: “What is being built at 615 River Road?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “A three-tower, mixed-use waterfront development on about 19 acres. Phase I is a 25-story building with 381 apartments, retail, parking for over 500 cars and an on-site ferry terminal.”
}
},
{
“@type”: “Question”,
“name”: “Who is financing the project?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “A private construction lender originated a $225 million construction loan for Phase I, with a capital markets firm arranging the transaction.”
}
},
{
“@type”: “Question”,
“name”: “When will construction start and finish?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “Construction on Phase I begins immediately following the loan close, with delivery targeted in the fourth quarter of 2027.”
}
},
{
“@type”: “Question”,
“name”: “What transit improvements are included?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “An on-site ferry terminal providing direct service to Manhattan’s West Side and on-site super stops linking to regional bus routes serving the Port Authority Bus Terminal.”
}
},
{
“@type”: “Question”,
“name”: “What public amenities are planned?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “The full project includes a 2.5-acre public park with roughly 650 feet of waterfront frontage, plus more than 25,000 square feet of resident amenity space in Phase I and street-level retail.”
}
},
{
“@type”: “Question”,
“name”: “How large is the full development?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “The master plan covers about 1.2 million square feet, values roughly at $1 billion, and is expected to deliver more than 1,200 residential units at full build-out.”
}
}
]
}
Key project features
| Element | Detail |
|---|---|
| Project address | 615 River Road, Edgewater, NJ |
| Phase I size | 25 stories; 381 apartments; >500 parking spaces |
| Construction financing | $225,000,000 |
| Full development footprint | About 1.2 million square feet on 19 acres |
| Total planned units | 1,200-plus residential units at build-out |
| Public space | 2.5-acre park with ~650 feet of waterfront frontage |
| Transit | On-site ferry to Manhattan’s West Side; bus super stops connecting to regional routes |
| Design teams | Exterior architecture by FXCollaborative; interiors by CetraRuddy (rendering credit provided by FXCollaborative) |
| Target completion (Phase I) | Fourth quarter, 2027 |
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
Author: Construction TX News
TEXAS STAFF WRITER The TEXAS STAFF WRITER represents the experienced team at constructiontxnews.com, your go-to source for actionable local news and information in Texas and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Texas Construction Expo, major infrastructure unveilings, and advancements in construction technology showcases. Our coverage extends to key organizations like the Associated General Contractors of Texas and the Texas Building Branch, plus leading businesses in construction and real estate that power the local economy such as Austin Commercial and CMiC Global. As part of the broader network, including constructioncanews.com, constructionnynews.com, and constructionflnews.com, we provide comprehensive, credible insights into the dynamic construction landscape across multiple states.
