S3 Capital lends $255M for first phase of 1,200-unit Hudson River rental development

The Maxal Group is building the waterfront community in Edgewater, NJ, that will include a ferry terminal to Manhattan and a new waterfront park

New York, NY – October 2, 2025 – S3 Capital, one of the most active private real estate lenders nationally, announced the origination of a $255 million construction loan to finance the first phase of a landmark $1 Billion mixed-use development at 615 River Road located on the Hudson River in Edgewater, New Jersey. The project’s initial phase will deliver a 25-story luxury rental building featuring 381 apartments, ground-floor retail space, and parking for over 500 vehicles. Upon full buildout, the development is expected to include approximately 1,200 residential units.

The community is being developed by The Maxal Group, a highly experienced tri-state developer with assets in the New York and New Jersey markets, including the 236-unit Harbor 1500 in Weehawken. The Maxal Group is strategically focused on development along the Hudson, with a focus on delivering best-in-class residential communities that enhance the waterfront experience.

S3 Capital’s Steven Jemal worked closely on this transaction and has played an instrumental role in driving S3’s expansion across New Jersey and other key U.S. markets. He noted, “We see immense opportunity in financing transit-oriented residential developments adjacent to major city centers. This project’s innovative on-site ferry terminal will create lasting value for the entire Edgewater community, and we look forward to supporting The Maxal Group throughout the construction process.”

615 River Rd. will be the first building in the planned development that will ultimately deliver 1,200+ residential units and more than 1,000 parking spaces. The property will also include a new public ferry terminal, providing direct service to Manhattan’s West Side. 

The new ferry terminal will provide residents with direct access to Manhattan’s West Side and the Hudson Yards tech pocket in under 15 minutes. It will also have onsite super stops with access to NJ Transit bus routes with service to the Port Authority Bus Terminal.

Shawn Safdie of S3 Capital, said, “We are thrilled to partner with The Maxal Group as they develop a transformative project that will bring much-needed state-of-the art housing and transit access to the Edgewater waterfront. This transaction reflects our commitment to supporting best-in-class developers delivering new product to undersupplied markets.”

Once complete, the development will feature a mix of market-rate and affordable housing, six levels of parking, and unparalleled access to retail amenities including Whole Foods, Trader Joe’s, and Target, all within a short walk. The Maxal Group will also construct a 2.5-acre public waterfront park with 650 feet of river frontage that will become part of the Hudson River Waterfront Walkway, an 18.5-mile-long promenade that runs from Fort Lee to Bayonne.

615 River Road is an ultra-luxury multifamily development redefining residential living in the Edgewater submarket. Designed by FXCollaborative under the vision of renowned architect Dan Kaplan, the building’s distinctive “notched” glass-and-corrugated façade evokes the nearby Palisades while making a bold architectural statement. Interiors were designed by award-winning firm CetraRuddy to deliver a resort-style experience, featuring hardwood floors, custom cabinetry, quartz countertops, and spa-inspired stone-tiled baths. 

With a thoughtfully curated unit mix, 615 River Road offers expansive layouts, walk-in closets in nearly all two-bedroom residences, and flexible alcove or den spaces in over a third of units, ideal for remote work or guest accommodations. Residents will enjoy over 25,000 square feet of premium indoor amenities, including a cutting-edge fitness center, indoor spa with pool, sauna and salt room, golf simulator, sports court, private workspaces, and a stadium-style screening room. Outdoor offerings include landscaped roof terraces and a waterfront park, creating a seamless live-work-play lifestyle. 

Positioned on the doorstep of Manhattan, 615 River Road caters to young professionals and families seeking top tier living with superior connectivity, at a price point that compares favorably to Manhattan’s luxury rental market. The Maxal Group Founder and Managing Director Bruce Sturman “We are extremely excited in working with S3 to bring another cutting-edge environment to the Hudson River waterfront. 615 River will be an extraordinary living experience with stunning Manhattan and George Washington Bridge views via floor-to-ceiling glass in units that set itself apart from existing rental product in the marketplace.”  

Galaxy Capital brokered the transaction, helping bring together S3 Capital and The Maxal Group for this transformative development. With this closing, S3 continues to solidify its position as one of the premier private lenders in the US. The firm has originated more than $7 billion across over 750 bridge and construction loans for middle-market residential developments. So far this year, S3 has also expanded its footprint across the country, opening new offices in Texas and Florida.

S3 Capital Co-Founder Robert Schwartz added, “Our strategic expansion in key markets across the country strengthens our position as one of the leading private construction lenders in the US. Our ability to underwrite with precision, deploy capital quickly, and bring in-house construction expertise to each project enables developers to successfully execute time after time.”

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About S3 Capital

S3 Capital is a national real estate lender specializing in construction and bridge loans for multifamily development. With experienced and dedicated teams focused on origination, underwriting, and construction management, they take an active and hands-on approach to lending that mitigates risk both before and during the life of the loan. Since launching its credit business in 2013, S3 has originated over 750 loans totaling more than $7.0 billion. With a focus on multifamily residential in and around Tier 1 markets, S3 seeks to achieve equity-like returns that are both resilient and current income-oriented. S3 Capital is wholly owned by Spruce Capital, founded in 2007, which also owns Spruce Properties, an owner of approximately 5,000 multifamily units primarily based in the Midwest and Sunbelt.