Jersey City Development Lands $384M in Construction Financing
Affinius Capital and Kennedy Wilson provided the financing to the locally based developer.
Panepinto Properties has received $384 million in construction financing for Harborside 8, a 65-story, 678-unit Class A apartment development taking shape in Jersey City, N.J. Kennedy Wilson provided the project with a $306 million senior loan, while Affinius Capital supplied the remaining $78 million in preferred equity.
The developer purchased the Harborside 8/9 property from Veris Residential for $75 million, ROI-NJ reported. The land, formerly a surface parking lot, spans 4 acres on Jersey City’s waterfront. The tower is estimated for completion in late 2028.
Elkus Manfredi Architects is spearheading the design of the project. Plans include mixed floorplans for residents and shared amenities including a rooftop terrace, pool, fitness center, wellness center and coworking spaces. Other parts of the development include 8,578 square feet of retail, a 350-space parking garage and a 40,000-square-foot waterfront park redesign adjacent to the Hudson River, according to Real Estate NJ.
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The future community is close to public transit including the Harborside station and the Exchange Place PATH station, with access to Manhattan. The Newport Centre is within a mile of the site and Newark Liberty International Airport is approximately 11 miles away.
Tom Didio, managing director at JLL, arranged the financing for the tower.
As part of the acquisition, Panepinto also purchased Harborside 9 at 3 Second St., the site of a planned 57-story apartment tower that received site plan approval in 2024. The plan is set to bring an additional 579 units to the area, with 15 percent of residences reserved as affordable. Other components of the development include a planned 14,800 square feet of retail space and a 555-space parking garage.
Panepinto’s other projects
This is not the only property that the Jersey City-based Panepinto is building in its hometown. In June, the company topped out on construction of 505 Summit at 499 Summit Ave. in Journal Square, Jersey City. Pacific Life Insurance Co. provided a $193 million construction loan for the project in August of 2023, according to Yardi Matrix. The tower stands at 577 feet, and will bring 605 units to the market in the spring of 2026.
In September, Panepinto Properties with joint venture partner Ironstate Development Co. received a $340 million refinancing package for 50 and 70 Columbus, two mixed-use properties in Jersey City. The properties will include a total of 940 luxury apartments and penthouses.
