S3 Capital Supplies $59M Construction Loan for Jersey Resi Tower

BY ANDREW COEN DECEMBER 31, 2024 11:56 AM

Arilex Realty has nabbed $59 million of construction financing to build a multifamily asset in northern New Jersey, Commercial Observer has learned.

S3 Capital provided the loan on Arilex Realty’s planned 12-story residential tower at 7711 River Road in Edgewater, N.J.

“7711 River Road represents a best-in-class development that combines modern design, first-rate amenities, and unmatched waterfront views – all while offering a compelling value proposition to renters,” Steven Jemal, managing director of origination at S3, said in a statement. 

Meridian Capital Group‘s Benjamin Nevid arranged the transaction. 

Nevid said in a statement that the deal  “underscores the collaborative effort required to deliver competitive terms in today’s evolving market.”

Located two miles from the George Washington Bridge at what had been a vacant lot, the 7711 River Road project is slated for completion in late 2026. The property’s amenities will include a fitness center and rooftop lounge.

Officials at Arilex Realty did not immediately return a request for comment.