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ISSUE HIGHLIGHTS Volume 37, Issue 10 October 2025
The Maxal Group spearheads Hudson River transit-oriented dev. S3 Capital lends $255M for first phase of rental development in Edgewater, NJ
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units and more than 1,000 parking spaces. The property will also include a new pub - lic ferry terminal, providing direct service to Manhattan’s West Side. The new ferry terminal will provide residents with direct access to Manhattan’s West Side and the Hudson Yards tech pocket in under 15 minutes. It will also have onsite super stops with access to NJ Transit bus routes with service to the Port Authority Bus Terminal. Once complete, the devel - opment will feature a mix of market-rate and affordable housing, six levels of park - ing, and unparalleled access to retail amenities including Whole Foods, Trader Joe’s, and Target, all within a short walk. The Maxal Group will also construct a 2.5-acre public
waterfront park with 650 feet of river frontage that will be- come part of the Hudson River Waterfront Walkway, an 18.5- mile promenade that runs from Fort Lee to Bayonne. Galaxy Capital brokered the transaction, helping bring together S3 Capital and The Maxal Group for this trans - formative development. With this closing. S3 Capital Co-Founder Rob- ert Schwartz added, “Our strategic expansion in key markets across the country strengthens our position as one of the leading private construction lenders in the US. Our ability to underwrite with precision, deploy capital quickly, and bring in-house construction expertise to each project enables developers to successfully execute time after time.” MAREJ The onsite Hyatt, which under - went its own renovation in 2021 and also designed by Gensler, features 31,000 s/f of meeting and conference space with four large ballrooms, 32 flexible conference rooms, and catering and audiovisual services. The reinvention also extends outdoors, where a 50,000 s/f public plaza has been rede - signed to accommodate tenant and community events, com - plementing HQ Plaza’s new dining lineup, which includes Sushi Lounge, Parkside Tav - ern, and Masseria by Joe Ce - trulo. The restaurants now ac- tivate the exterior streetscape with outdoor seating, further connecting HQ Plaza to Mor - ristown’s bustling downtown and vibrant street life. Centrally located along the Morristown Green, HQ Plaza offers direct access to New Jersey Transit, a diverse array of retail and dining, and the area’s historic and residential neighborhoods, further so - lidifying its role as a defining presence in one of NJs most dynamic suburban down- towns. MAREJ
DGEWATER, NJ — S3 Capital announced the origination of a
with assets in the New York and New Jersey markets, in - cluding the 236-unit Harbor 1500 in Weehawken. S3 Capital’s Steven Je- mal worked closely on this transaction and has played an instrumental role in driv- ing S3’s expansion across New Jersey and other key US markets. He said, “We see immense opportunity in financing transit-oriented residential developments ad - jacent to major city centers. This project’s innovative on- site ferry terminal will create lasting value for the entire Edgewater community, and we look forward to supporting The Maxal Group throughout the construction process.” 615 River Rd. will be the first building in the planned devel - opment that will ultimately deliver 1,200+ residential
APPRAISAL
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$255 million cons t ruc - tion loan to finance the first phase of a landmark $1 billion mixed-use development at 615 River
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WCRE 3RD QTR 2025 REPORT
Steven Jemal
Rd. located on the Hudson River in Edgewater. The proj - ect’s initial phase will deliver a 25-story luxury rental build- ing featuring 381 apartments, ground-floor retail space, and parking for more than 500 vehicles. Upon full buildout, the development is expected to include 1,200 residential units. The community is being developed by The Maxal Group , a tri-state developer MORRISTOWN, NJ — The ownership team of Fish- er Development Associates and The Olnick Organiza- tion have unveiled the results of a major renovation at HQ Plaza, the 1 million s/f com - plex at the heart of downtown Morristown. The culmination of a multi-year effort, HQ Pla - za’s renovation reintroduces the property as a vibrant hub for office, hospitality, retail, din - ing, and entertainment, while reinforcing its role as a central gathering place for work, leisure,
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Section B WOMEN IN BUSINESS
Fisher Development Associates and The Olnick Organization unveil transformed HQ Plaza
CONFERENCES 11th Annual New Jersey Office & Industrial Conference
November 6, 2025 Sheraton Edison, NJ
For speaking & sponsorship info., please contact: Lea at 781-740-2900 or lea@marejournal.com
Morristown Mayor Timothy P. Dougherty, Brian Fisher of Fisher De- velopment Associates, Seth Schochet of The Olnick Organization, Rene Cruz of Gensler and other officials and key collaborators cut the ceremo - nial ribbon to mark the unveiling of HQ Plaza’s fully renovated spaces.
Directory
Financial. ................................................................ 3-10A Appraisal................................................................... 4-7A Southern NJ Chapter of The Appraisal Institute.........4-5A CIRC Organization...................................................... 11A New Jersey ............................................................ 12-20A Pennsylvania......................................................... 21-24A Owners, Developers & Managers..........................25-33A CRE Organization’s Events Calendar............................34A People on the Move...................................................36A Women in Businss..............................................Section B www.marej.com
milestone in HQ Plaza’s on - going evolution, celebrating both the property’s revital - ized design and its continued prominence in Morristown’s downtown core. HQ Plaza encompasses 650,000 s/f of class A office space, 100,000 s/f of retail, the 256-room Hyatt Regen- cy Morristown, a 40,000 s/f Crunch health club, and a 10-screen AMC theater atop a 3,000-space parking garage.
and community activity. The newly transformed spac - es were formally unveiled at a ribbon-cutting ceremony on Wednesday, October 8th, at - tended by Morristown Mayor Tim Dougherty , municipal officials, the ownership team, project architect Gensler , rep - resentatives of Hyatt Regency Morristown, property manager JLL , and members of the local business and civic community. The event marked a major
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