S3 Capital Provides $59 Million Construction Loan For Edgewater NJ Multifamily Development By Arilex Realty
7711 River Road
$59,000,000
$306/SF
Building Size
192,285 SF
Asset Type
Development Site
Closing
Dec 27, 2024
AI
The property asset involved is a development site located at 7711 River Road in Edgewater, NJ, encompassing a square footage of 192,285. The asset is intended for the development of a 12-story, 157-unit Class A multifamily rental property, supported by a construction loan of $59 million.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $59,000,000
- Asset Address: 7711 River Road
- Market: Edgewater, NJ
- Loan Type: Construction
- Lender: Robert Schwartz & Steven Jemal - S3 Capital
- Landlord: Arilex Realty - Alexis Pizzuro & Arianne Schreer
- Broker: Benjamin Nevid - Meridian Capital Group
The deal was facilitated by Meridian Capital Group, with Senior Managing Director Benjamin Nevid leading the arrangement. Financing was secured through S3 Capital, represented by Director of Originations Steven Jemal and Co-Founder Robert Schwartz, to support Arilex Realty's vision for luxury development along the Hudson River waterfront.
Players
North Bergen Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.27%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93