JLL Capital Markets group announced that it has secured $306 million in senior non-recourse construction financing and $78 million in preferred equity for the land purchase and vertical construction of Harborside 8, a 678-unit, luxury waterfront multihousing development along the Hudson River Waterfront in Jersey City.
JLL represented the borrowers, Panepinto Properties in Jersey City and AJD Construction in Leonardo, in securing the floating-rate senior loan through Kennedy Wilson. JLL also arranged the preferred equity through Affinius Capital.
The financing follows Veris Residential Inc.’s sale earlier this month of the 4.2-acre Harborside 8 and 9 development site in Jersey City to Panepinto Properties for $75 million, in a transaction arranged by Cushman & Wakefield.
Harborside 8, located at 242 Hudson St. in Jersey City’s Waterfront neighborhood, offers unparalleled access to Manhattan with a five-minute walk to the Exchange Place PATH station and Paulus Hook Ferry, providing direct transportation across the Hudson River.
The property sits in the East-Waterfront district of the Harsimus Cove Station Redevelopment Area, which promotes high-density development to create walkable, mixed-use neighborhoods.
The planned 65-story residential tower will feature 719,726 square feet of rentable space across 678 units, including studios, one-, two- and three-bedroom apartments. The development will also include 8,578 square feet of ground-floor retail space and 350 parking spaces that will include EV charging stations and a 40,000-square-foot redesigned waterfront public park.
The luxury apartment community will offer extensive amenities across more than 20,000 square feet of amenity space, including a fitness center, indoor swimming pool, yoga studio, golf simulator, rooftop terraces, co-working rooms and a wine bar. Residents will enjoy breathtaking views of New York City, the Hudson River and the Statue of Liberty.
JLL Capital Market’s team representing the borrower was led by Senior Managing Director Thomas Didio, Managing Director Thomas E. Didio Jr., Senior Director Ryan Robertson, Director Gerard Quinn and Associate John Cumming.
“This financing sends a clear message: Jersey City’s waterfront remains one of the strongest, most sought-after rental markets in the country,” said Didio Jr. “In the face of continued new supply, demand here continues to outpace delivery, driving exceptional rent growth to best-in-class developments like Harborside 8.
“This sizable transaction is a direct result of unmatched local expertise and proven execution by Panepinto & AJD — names that have shaped the Jersey City skyline for decades. Thank you to Kennedy Wilson and Affinius Capital for their partnership; together powering the newest benchmark for luxury living on the Gold Coast.”
“It is deeply fulfilling to see this journey come full circle, from the 1996 land acquisition that enabled the development of Harborside Plaza 10 to today, as we commence construction on Harborside 8 and 9,” said Joseph Panepinto Sr. of Panepinto Properties.
The development partners plan to break ground in Q1 2026 with stabilization anticipated in Q1 2030.
