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S3 Capital Provides $59 Million Construction Loan For Edgewater NJ Multifamily Development By Arilex Realty

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FINANCED
$59,000,000

New Jersey

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Development Site192,285 SF
Financed 12/27/2024
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FINANCED

S3 Capital Provides $59 Million Construction Loan For Edgewater NJ Multifamily Development By Arilex Realty

7711 River Road

See Similar Deals
Development Site192,285 SF
Financed 12/27/2024
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Summary

NEW JERSEY
Asset Type:Development Site
Price Per Square Foot:$306
Total Square Footage:192,285 SF
Transaction Type:Loan

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:

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

Benjamin (Ben) Nevid
24 deals$2.4B volume
BROKER

Daniel Heumann
Meridian Capital Group
1 deal$59M volume(212) 612-0277
BROKER

S3 Capital
LENDER

Details

FINANCED
IMAGE: Benjamin Nevid, Robert Schwartz & Steven Jemal DATE: 12/27/2024 ADDRESS: 7711 River Road MARKET: Edgewater, NJ ASSET TYPE: Development Site ~ SF: 192,285 LENDER: Robert Schwartz & Steven Jemal (@SFJemal) - S3 Capital (@S3Capital) LANDLORD: Arilex Realty - Alexis Pizzuro & Arianne Schreer BROKERS: Benjamin Nevid - Meridian Capital Group (@Meridian.Capital.Group) LOAN AMOUNT: $59,000,000 LOAN TYPE: Construction NOTE FROM BROKER: Meridian Capital Group successfully arranged a $59 million construction loan for the development of a 12-story, 157-unit Class A multifamily rental property at 7711 River Road in Edgewater, NJ. The deal, arranged by Senior Managing Director Benjamin Nevid, supports Arilex Realty's vision for a luxury Hudson River waterfront development featuring premium finishes, modern amenities, and scenic views. Financing was provided by S3 Capital, represented by Director of Originations Steven Jemal and Co-Founder Robert Schwartz.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$59,000,000.00

Monthly NOI$393,333.33
Monthly Debt Service$372,920.13
Change in Cash Flow$0.00
Refinance Proceeds$0.00