Closely following news of Panepinto Properties’ acquisition of Harborside 8/9 in Jersey City, the massive mixed-use development set for the waterfront property secured construction financing.

Affinius Capital and Kennedy Wilson said Dec. 12 the partners closed funding for the ground-up construction of Harborside 8. The capitalization includes $78 million of preferred equity provided by Affinius Capital and a $306 million senior loan originated by Kennedy Wilson, according to the announcement.

Panepinto plans to build a 65-story Class A multifamily tower that also features ground-level retail space on one of the last remaining undeveloped properties along the Jersey City waterfront. The building will add 678 apartments, 8,578 square feet of retail, a 350-space parking garage and 40,000-square-foot redesigned public park. Residences will offer premium finishes and views of the New York City Skyline and Hudson River.

JLL Managing Director Thomas Didio Jr. arranged the financing, Affinius Capital and Kennedy Wilson said.

High-impact high rise

Affinius Capital Managing Director and co-Head of Credit Originations David Greenberg commented, “Harborside 8 will address the significant demand for premium multifamily housing in one of the region’s most dynamic and fastest growing markets. Panepinto Properties brings proven execution capabilities and extensive New Jersey market knowledge, critical advantages for a development of this scale in Jersey City.”

Kennedy Wilson Debt Investment Group Head Thomas Whitesell said Harborside 8 matches that team’s strategy to support transformative multifamily developments in growing areas.

“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,” he said. “This financing will enable Kennedy Wilson to deepen partnerships with a premier development team between Panepinto Properties and AJD Construction, and we are excited to contribute to the success of an exceptional new residential tower.”

The lenders said Harborside 8 is set for completion in 2028. Amenities coming to the site include a rooftop terrace, resort-style pool, fitness center, dedicated coworking spaces and a wellness center, according to Affinius Capital and Kennedy Wilson.

Panepinto Properties acquired both Harborside 8 and 9 from Veris Residential for $75 million. Harborside 9 received site plan approval in 2024. That 57-story tower will add 579 units, another 14,800 square feet of retail space and additional parking.