**S3 Capital Provides $255M Construction Loan for Major Edgewater Development**
S3 Capital has originated a $255-million construction loan to support the first phase of a $1-billion mixed-use development located at 615 River Road in Edgewater, New Jersey, along the Hudson River.
The initial phase of the project features a 25-story luxury rental building that will include 381 apartments, ground-floor retail space, and parking for more than 500 vehicles. Once fully completed, the development is anticipated to feature approximately 1,200 residential units and will include an onsite ferry service offering direct transportation to Manhattan’s West Side.
The development is being led by The Maxal Group, a seasoned developer with a strong portfolio of assets across the New York and New Jersey markets. Steven Jemal of S3 Capital was closely involved in structuring the transaction.
“We see immense opportunity in financing transit-oriented residential developments adjacent to major city centers,” said Jemal. “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.”
