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A 605-unit luxury high-rise apartment building has secured financing for the project set for Jersey City‘s Journal Square neighborhood.

JLL Capital Markets said Aug. 21 it arranged a $193 million non-recourse construction loan on behalf of Panepinto Properties Inc. for Pathside, coming to 499-507 Summit Ave.

According to the announcement, JLL secured the five-year, floating rate loan for the borrower from Pacific Life. The Capital Markets Debt Advisory team was led by Senior Managing Director Thomas Didio, Senior Director Thomas Didio Jr., Director Gerard Quinn and Senior Analyst Salvatore Buzzerio.

“We are excited to announce the vertical capitalization of Pathside, the newest luxury delivery in Panepinto’s Gold Coast pipeline,” stated Thomas Didio Jr., who added that negotiations were led by Joseph Panepinto Jr. on the borrower’s side. “Pacific Life provided the borrower team with an accretive non-recourse, single source solution in a very challenging market for large construction loans.”

Pathside is set for completion in the second quarter of 2026, JLL said. The new living option will include one-, two- and three-bedroom units with an average of 710 square feet as well as 3,200 square feet of ground-floor commercial space.

Located within an Opportunity Zone, Pathside will rise directly adjacent to the Journal Square PATH station, offering direct access to New York City. Plans for the project were approved by the city in 2022.

Designed by HLW, the work is being done by AJD Construction, JLL said. The New Jersey-based builder has constructed more than 50,000 apartments since its founding in 1977, including regional work such as Journal Squared 1, 2 and 3 and Harborside Urby, according to the company’s website.

Gibbons PC, which has represented Panepinto for more than three decades, served as legal counsel for the developer in the transaction, according to JLL, with a team led by Russel Bershad, Nicole Taplin and Michael Lubben.

Jersey City-based Panepinto Properties says it “excels in the art of creating sustainable real estate developments that nurture the connections between people.” Over its more than 40 years working in the commercial and residential sectors, the company has seen approvals for, owned, developed or sold more than 16.6 million square feet.

In 2017, Panepinto completed 3 Journal Square, a 13-story, 240 unit luxury residential tower. Earlier this year, JLL arranged the $58 million refinancing of that property.

Editor’s note: This story was updated at 8:20 a.m. ET on Aug. 25, 2023, to include the project designer and Panepinto Properties Inc.‘s legal representation for this transaction.