"His friend saved his life and then we the lifeguards helped keep him alive," Mr McNulty said. "It was a very traumatic scene and all individuals attending him did a tremendous job."
Local media reported that the victim suffered partial amputation of his right ankle.
Mr McNulty said he knew the victim, who is a surfer from Colorado who has a residence in the town, but declined to identify him.
Family members were travelling to be with him, he added.
The US Embassy in Costa Rica said it was aware of the case but declined to comment further, citing privacy considerations.
After the attack, community, wildlife and tourism officials met to consider strategies for relocating crocodiles and making sure there was proper signage to keep people safe.
A few months ago, there was a "minor incident" in which a smaller crocodile bit a person, said Mr McNulty.
"We live in a country where there's large crocodiles and people take for granted that when you go into a river that you're safe," the lifeguard said. "But the fact of the matter is that you need to be aware of your environment. We're in their world."