Manhattan-based Northwind Group on Thursday said it closed a $50 million loan for a 14-acre Hudson River waterfront development site in Edgewater.
The property is located at 615 River Road. Northwind provided the loan to a joint venture between the Maxal Group, EnviroFinance Group and Equity Resource Investments, which plans to develop the site into three towers with up to 1,200 residential multifamily units, commercial space and a wide range of amenities, including a 2.5-acre waterfront park.
The project will feature a new direct water ferry station connecting it to Midtown and Downtown Manhattan and a New Jersey Transit bus stop, which will also provide direct service to New York City.
“Our team has been very active closing multiple loans this year. As we remain bullish on the New York area, Northwind’s familiarity with the rapidly growing Edgewater market enabled our team to underwrite and execute this financing quickly and efficiently,” Ran Eliasaf, founder and managing partner of Northwind Group, said. “We are excited about the opportunity to work with such a high-quality borrower on one of the last largest remaining vacant land parcels on New Jersey’s Gold Coast.”
“It has been a great opportunity to work with Northwind on financing this exciting development of 1,200 units on the edge of the Hudson River,” Bruce Sturman, a managing director of Maxal Group, said. “Northwind has a clear vision as to how to finance large scale projects such as 615 River Road and we look forward to continuing to work with the Northwind team as we undertake development of this exciting project and future innovative high-end developments along the Hudson River.”
Northwind said it committed to lending in the area and is actively lending to quality borrowers with well-located assets. Within the last month, Northwind has originated over $112 million in new loans and is equipped to continue to provide flexible financing solutions from its three discretionary debt funds under management, which have deployed over $1 billion in loans combined.