Page 12 - RE-NJ

10 OCTOBER 2025
EDGEWATER WHOLE FOODS,
RENTALS SELL FOR $53 MILLION
A local investor has acquired a
Whole Foods-anchored retail center
and 64 apartments in Edgewater for
more than $53 million, in a newly
announced deal by JLL.
The brokerage team represented
the seller, Site Centers Corp., and
procured the private buyer in the
Courtesy: JLL
Edgewater Towne Center at 905 River Road in Edgewater
MAXAL INKS CONSTRUCTION LOAN
FOR KEY EDGEWATER PROJECT
The Maxal Group has closed on a $255
million construction loan for a planned
25-story, 381-unit apartment tower at
a long-vacant and well-known parcel
along the Hudson River in Edgewater.
The lender, S3 Capital, announced
the deal in early Oct while noting that
it will fi nance the fi rst phase of a $1
billion mixed-use development at 615
River Road. The new apartments will
be among more than 1,200 homes that
are slated for the site, where plans
also call for more than 1,000 parking
spaces, ground-fl oor retail space and a
new public ferry terminal with direct
service to Manhattan’s West Side.
Galaxy Capital brokered the
transaction.
“We see immense opportunity in
fi nancing transit-oriented residential
developments adjacent to major city
centers,” said
Steven Jemal,
managing
director of
origination
with S3 Capital.
“This project’s
innovative
on-site ferry
Steven Jemal
terminal will
create lasting value for the entire
Rendering by FXCollaborative/Courtesy: S3 Capital The fi rst phase of a project by The Maxal Group will bring a 25-story, 381-unit apartment
tower to 615 River Road in Edgewater.
trade of Edgewater Towne Center
at 905 River Road. The 25-year-old
property drew strong interest thanks
in part to a 76,525-square-foot retail
section that is 98 percent leased and
home to several national brands, JLL
said, while its market-rate residential
component is 94 percent occupied
with signifi cant value-add potential.
“Edgewater Towne Center
represented an extremely rare
opportunity
to acquire
irreplaceable
real estate on
the Edgewater
waterfront,”
said Jose Cruz, a
senior managing
director
Jose Cruz
with JLL.
“The combination of Whole Foods
anchorship, strong demographic
fundamentals and signifi cant upside
potential through the residential
Edgewater community, and we look
forward to supporting The Maxal
Group throughout the construction
process.”
The fi nancing is the latest step
forward for a project that is more
than a decade in the making and
would revitalize a former Hess oil
terminal site opposite New York
City. A joint venture led by The
Maxal Group acquired the roughly
18-acre property in 2014 but spent
several years in a legal battle with
the borough over delays in the
redevelopment process, citing
offi cials’ ties to rival and now-
disgraced developer Fred Daibes.
The dispute, which was detailed in
last year’s corruption trial for former
U.S. Sen. Bob Menendez, ended in
2019 with a settlement between the
Maxal venture and borough offi cials.
The pact called for the developers
to remediate the site and improve
transportation access, allowing
them to build up to 1,200 units of
market-rate and affordable housing
while donating some eight acres to
Edgewater for a new school and open
space.
In the Oct. 2 announcement, S3
noted that 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 on-site stops
with access to NJ Transit bus routes
with service to the Port Authority Bus
Terminal.
“We are thrilled to partner with
renovation program made this an
attractive asset for investors seeking
both stability and growth.”
The JLL listing team of Cruz, Senior
Managing Director Kevin O’Hearn and
Senior Director J.B. Bruno brokered
the $53.2 million sale. They noted
that the nearly 14-acre property is
home to New Jersey’s fourth-ranked
Whole Foods, which anchors a roster
that also includes One Medical, Club
Pilates, Pure Barre and Bond Vet.
The fi rm added that about 75 percent
of the apartments, located on two
fl oors above the retail component,
contain original fi nishes. That makes
them primed for renovation, allowing
the property’s new owner to leverage
a location near Edgewater Ferry
Landing and the George Washington
Bridge and a market that provides
a 21 to 57 percent discount to other
Hudson waterfront and New York
City submarkets.
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,” said Shawn
Safdie, also a managing director with
S3 Capital. “This transaction refl ects
our commitment to supporting best-
in-class developers delivering new
product to undersupplied markets.”
The fi rm said the project, designed
by FXCollaborative, will have a
notched glass-and-corrugated
façade that evokes the nearby
Palisades. CetraRuddy designed the
building’s luxury interiors, which will
complement more than 25,000 square
feet of high-end indoor amenities and
a host of outdoor spaces.
“We are extremely excited in working
with S3 to bring another cutting-edge
environment to the Hudson River
waterfront,” said Bruce Sturman,
The Maxal Group’s founder and
managing director. “615 River will be
an extraordinary living experience
with stunning Manhattan and George
Washington Bridge views via fl oor-
to-ceiling glass in units that set itself
apart from existing rental product in
the marketplace.”
The developer, which has also built
the 236-unit Harbor 1500 building in
neighboring Weehawken, will also
construct a 2.5-acre public waterfront
park with 650 feet of river frontage.
The space will become part of the
Hudson River Waterfront Walkway, an
18.5-mile-long promenade that runs
from Fort Lee to Bayonne.