A $255 million loan will finance the first construction phase of a massive $1 billion Hudson River development in Bergen County.

S3 Capital said it originated the construction loan which will finance the initial phase of the mixed-use development at 615 River Road in Edgewater.

The project aims to reshape Edgewater’s waterfront with luxury housing, transit connections, and public amenities.

The first phase includes a 25-story luxury rental building featuring 381 apartments.

It will include ground-floor retail space and parking for more than 500 vehicles.

The Maxal Group is developing the waterfront community, which will ultimately include approximately 1,200 residential units across the full buildout.

The tri-state developer has experience in the Hudson River corridor, including th

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