S3 Capital funds $255M loan for 615 River Road waterfront tower in Edgewater

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.

Major construction loan funds first phase of a $1 billion Edgewater waterfront project

A private lender has provided a $255 million construction loan to finance the initial phase of a planned $1 billion mixed‑use waterfront development at 615 River Road in Edgewater, New Jersey. The first building will be a 25‑story luxury rental tower delivering 381 apartments, ground‑floor retail and more than 500 parking spaces. The site plan also calls for a new public ferry terminal with direct service to Manhattan’s West Side, a sizable public waterfront park and a staged buildout that could ultimately deliver more than 1,200 residential units.

What the financing covers and who is behind it

The loan was originated by a national private real estate lender that has been active in bridge and construction lending across the U.S. The financing closes the gap for the project’s first phase, enabling site work, vertical construction of the first tower, and installation of transit and parking infrastructure. A commercial brokerage firm facilitated the transaction between lender and developer.

Phase one: building, design and amenities

The initial tower will rise 25 stories and include 381 market‑rate and affordable rental units with a mix of layouts. Nearly all two‑bedroom units are planned with walk‑in closets, and over one‑third of residences will include flexible alcove or den spaces suitable for remote work or guest use. Interior finishes are described to include hardwood flooring, custom cabinetry, quartz counters and stone‑tiled spa baths.

Residents will have access to more than 25,000 square feet of indoor premium amenities, including fitness facilities, an 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 direct access to the new waterfront park.

Transit and parking features

A signature element of the project is a new on‑site public ferry terminal that is expected to provide direct access to Manhattan’s West Side and to the Hudson Yards area in under 15 minutes. The development will also include on‑site transit “super stops” connecting to regional bus routes providing service to the Port Authority area. The parking plan calls for six levels of parking at the property, with more than 500 stalls in the first phase and a target of over 1,000 spaces across full buildout.

Waterfront park and public access

The developer plans a 2.5‑acre public waterfront park with approximately 650 feet of river frontage. That new park will link to the existing long‑distance waterfront promenade running along the Hudson River, extending public access and recreational connectivity for the riverbank neighborhood.

Design and development team

Architectural design for the tower is credited to an established architecture firm under the direction of a named lead architect. The tower’s exterior will feature a distinctive glass‑and‑corrugated “notched” façade intended to reference nearby geologic features. Interiors are being planned by an award‑winning residential design studio. The developer is a tri‑state residential specialist with existing multifamily holdings in the region and a stated focus on waterfront communities.

Market position and unit mix

The building is being marketed to young professionals and families seeking access to Manhattan with a rental price point positioned to compare favorably to luxury Manhattan rentals. The residential mix will include both market‑rate and deed‑restricted affordable units planned to meet local requirements.

Related local development items

Affordable housing project in a different Edgewater

In a separate Edgewater—this one in another major city—a local ward secured $22 million in tax increment financing for an 11‑story affordable housing project. The proposed building will replace a municipal site and is expected to include more than 90 fully electric apartments, with most units affordable to households at or below 60% of area median income and a small number set for much lower incomes. The project is planned near rapid transit and includes bike storage and limited parking; it still requires additional municipal approvals before moving to construction.

Park redevelopment elsewhere

A county parks department announced a three‑phase redevelopment plan for a regional park in a Houston‑area community. Phase one, which includes shallow detention basins, trails and wetland‑sensitive design, is slated for bidding later in the year with construction starting in early 2026. The larger program aims to connect multiple greenway corridors and expand non‑motorized trail networks across the area.

Local legal dispute over riverfront heights

A neighboring borough has filed suit alleging that a separate riverfront development exceeded approved height limits. A judge issued a temporary restraining order to halt further work at the site while the court reviews claims that the project surpassed the permitted height and that public notice and variance processes were not followed. The contested project dates back several years and now operates under a different developer; the court scheduled further proceedings to resolve the dispute.

Why this matters

The construction loan enables fast‑moving delivery of new housing, transit infrastructure and public waterfront access in a market that sits directly across the river from a major city center. The project combines private development with public amenities and transit investments intended to reshape waterfront connectivity. At the same time, nearby disputes and simultaneous affordable housing efforts illustrate the broader challenges around density, height, community impact and housing affordability that often accompany large waterfront redevelopments.

Next steps and timing

The construction loan funds the first tower and related infrastructure. Subsequent phases will follow local permitting and market timing. The ferry terminal and park are key early infrastructure elements tied to public access goals. Other nearby projects—affordable housing proposals, park upgrades and legal reviews—are at various stages of approvals and design, so timelines range from months to multiple years.

Frequently Asked Questions

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Key project features at a glance

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

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