615 River Road
Update
12/22/22
Developers Obtain $50M Loan to Kick Off Edgewater Multi-Tower Project
Development partners, The Maxal Group, EnviroFinance Group, and Equity Resource Investments have just secured a $50 million loan from real estate private equity firm, Northwind Group. Issued ahead of a multi-tower project, set to rise at 615 River Road in Edgewater, New Jersey, this first mortgage pre-development loan will buy the team time and resources in order to prep the 14-acre site for construction within a few months' time.
Designed by , the project will consist of three, 25-story towers, with a combined total of apartments. Around 180 of these will be designated as affordable, and units will come in one, two, and three-bedroom configurations.
The waterfront development will total square feet and feature outdoor green spaces throughout the property. There will also be a walkway extending out into the Hudson River. In addition to residential units, there are plans for square feet of retail space and 40,000 square feet of tenant amenities.
The expansive project site is a former Hess oil refinery that was closed in 2013, and purchased by The Maxal Group the following year. An original proposal called for the construction of 5-towers and almost 1,900 apartment units. In 2015, this larger proposal was denied, and Edgewater officials instead decided to take the land through eminent domain for use as a public works yard. This prompted a lawsuit against Edgewater in 2017. As a settlement, the U.S. District Courts announced in 2019 that Edgewater would receive just 5-acres of the land. Edgewater then waited two more years before finally approving the latest and scaled-down, unit proposal in December of 2021.
