615 River Road, a $1 billion, 1,200-apartment mixed-use development located along New Jersey’s Gold Coast, has been awarded $255 million in construction financing for its first phase, a 25-story, 381-unit luxury rental tower. Private real estate lender S3 Capital provided the loan to developer The Maxal Group for the project. It’s expected to have its ribbon cutting in late 2027.
S3 Capital Managing Director of Origination Steven Jemal facilitated the transaction.
Apartments at phase one of 615 River Road will mostly span two bedrooms, and will have alcove and den spaces, in addition to walk-in closets. Bruce Sturman, founder and managing director of The Maxal Group also said that some units will feature floor-to-ceiling windows offering views of the George Washington Bridge and Manhattan.
Community amenities will span 25,000 square feet of space, and will include a fitness center, indoor spa with a pool, a sauna and salt room, a golf simulator and private workspaces. The property will also have retail on its ground floor. Plans also call for the build-out of a 2.5-acre waterfront park that will be part of the Hudson River Waterfront Walkway.
The wider 615 River Road development
The larger 615 River Road community will feature a majority of market-rate apartments, with a portion designated as affordable housing. Designed by FXCollaborative under architect Dan Kaplan, the project also includes more than 1,000 parking spaces with EV charging stations across six levels.
Northwind Group gave the project a $50 million pre-development loan in late 2022.
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A former Hess oil farm that had gone unused for many years, the 18.7-acre site was purchased in 2014. Originally proposed in 2017, the project has been sitting in its proposed and planning stages before settling a lawsuit with the Borough of Edgewater in 2021. After reviewing the area, the Planning Board declared the site an area “in need of redevelopment” due to its vacancy as a former industrial site. It reaffirmed this decision in 2024.
When complete, the community will introduce new infrastructure upgrades including a new ferry terminal providing direct access to Manhattan’s West Side and new NJ Transit “super stops,” which offer service to the Port Authority Bus Terminal. The development is also located about 20 miles from Newark Liberty International Airport and is within walking distance of major retail chains.
S3 Capital investing in the Northeast
S3 Capital has originated over $7 billion in loans with a focus on multifamily construction and bridge loans. The lender continues to make investments in undersupplied markets with established developers.
This past March, the private lender provided two New York City developments with construction financing. In Brooklyn, it provided $210 million in construction financing for a 28-story, 497-unit luxury community. The project is being led by Watermark Capital and Rubin Equities. Five days later, a $300 million loan was given to KS Group and Alma Realty for Astoria Cove, a 731-unit project that’s the first phase of a multi-phase, multi-building project in Astoria.
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