JLL secures $384M financing for Jersey City waterfront tower project

JLL (NYSE: JLL) arranged $384 million in financing for Harborside 8, a 678-unit luxury residential development in Jersey City, New Jersey. The financing package includes $306 million in senior non-recourse construction financing from Kennedy Wilson (NYSE: KW) and $78 million in preferred equity from Affinius Capital.

The 65-story tower will be located at 242 Hudson St. in Jersey City's waterfront neighborhood, featuring 719,726 square feet of rentable space across studios and one-, two- and three-bedroom apartments. The development will include 8,578 square feet of ground-floor retail space, 350 parking spaces with electric vehicle charging stations, and a 40,000 square foot redesigned waterfront public park.

Panepinto Properties and AJD Construction serve as the development partners for the project. JLL's Capital Markets team, led by Senior Managing Director Thomas Didio, represented the borrowers in securing the financing.

The planned amenities span more than 20,000 square feet and will include a fitness center, indoor swimming pool, yoga studio, golf simulator, rooftop terraces, co-working rooms and a wine bar. The tower will offer views of New York City, the Hudson River and the Statue of Liberty.

Construction is scheduled to begin in the first quarter of 2026, with project stabilization anticipated in the first quarter of 2030. The development sits in the East-Waterfront district of the Harsimus Cove Station Redevelopment Area, located a five-minute walk from the Exchange Place PATH station.

Panepinto Properties, founded in 1977, has developed commercial, residential and mixed-use projects throughout Jersey City. AJD Construction, also established in 1977, has built over 50,000 apartments valued at more than $6 billion since its founding.

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