$384M Mixed-Use Investment

The Build:

JLL’s Capital Markets group has secured $384 million in capitalization for Panepinto Properties and AJD Construction to fund the Harborside 8 waterfront development in Jersey City, New Jersey. The financing package, announced in December 2025, combines $306 million in senior non recourse construction financing and $78 million in preferred equity.

The senior construction loan was provided by Kennedy Wilson, while Affinius Capital arranged the preferred equity investment. JLL represented Panepinto Properties and AJD Construction as the borrowers in structuring the capitalization.

Harborside 8 is planned as a 65-story luxury residential tower at 242 Hudson Street along the Hudson River waterfront. The project will include 678 apartment units within 719,726 rentable square feet, plus 8,578 square feet of ground floor retail space, 350 parking spaces with EV charging stations, and a 40,000 square foot redesigned waterfront park.

Scheduled to break ground in Q1 2026, the development is anticipated to reach stabilization by Q1 2030, with construction driven by strong rental demand and low vacancy levels in the Jersey City market.

The Harborside waterfront area has undergone extensive redevelopment over the past two decades, transforming former industrial and rail properties into high density residential and mixed-use neighborhoods.

This financing milestone underscores confidence in multi housing development along the Jersey City waterfront. It reinforces Panepinto Properties and AJD Construction’s roles in shaping premium residential inventory in the region.