JLL Secures $384 Million for Jersey City's Harborside 8 Luxury Waterfront Development

MORRISTOWN, N.J., Dec. 16, 2025 /PRNewswire/ -- JLL's Capital Markets group announced today 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 multi-housing development along the Hudson River Waterfront in Jersey City, New Jersey.

JLL represented the borrowers, Panepinto Properties and AJD Construction, in securing the floating-rate senior loan through Kennedy Wilson. JLL also arranged the preferred equity through Affinius Capital.

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.

Jersey City's waterfront has experienced tremendous redevelopment over the past two decades, transforming abandoned rail yards and industrial buildings into luxurious residential towers and mixed-use projects. The area represents one of the largest and most successful waterfront redevelopment stories in the United States, offering residents exceptional value and convenient commuting flows into Manhattan.

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. 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," said Didio Jr. "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," stated Joseph Panepinto, Sr. of Panepinto Properties.

"Harborside 8 aligns with our team's strategy to support transformative multifamily developments in regions experiencing rapid growth. We are proud to play a role in bringing this high-impact multifamily project to fruition in Jersey City, which continues to experience low vacancy levels and consistent rent growth," added Thomas Whitesell, Head of Kennedy Wilson's Debt Investment Group. "This financing will enable Kennedy Wilson to deepen partnerships with a best-in-class development team between Panepinto Properties and AJD Construction, and we are excited to contribute to the success of an exceptional new residential tower that will have a dramatic impact on the Jersey City skyline."

The development partners plan to break ground in Q1 2026 with stabilization anticipated in Q1 2030. Panepinto Properties, founded in 1977, has distinguished itself as a pioneer in outstanding commercial, residential and mixed-use developments throughout Jersey City, while AJD Construction has built over 50,000 apartments valued at over $6 billion since its founding in 1977.

JLL's Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.