US private real estate lender S3 Capital has provided a $255m loan to The Maxal Group to finance the first phase of a $1bn mixed-use project in New Jersey.
S3 Capital said it has originated the construction loan to finance part of the development at 615 River Road, located on the Hudson River in Edgewater.
The first phase will deliver a 381-unit, 25-storey luxury rental tower with retail and more than 500 parking spaces. The full development is planned to include about 1,200 residential units in total.
Steven Jemal, managing director of origination at S3 Capital, said: “We see immense opportunity in financing transit-oriented residential developments adjacent to major city centres.
“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.”
Shawn Safdie, managing director of origination at 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.”
Robert Schwartz, co-founder of S3 Capital, said: “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.”
Bruce Sturman, The Maxal Group founder and managing director, said: “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.”
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