Local development powerhouses Panepinto Properties and AJD Construction have solidified their latest footprint on the “Gold Coast” skyline, securing a massive $384 million capitalization for their newest luxury waterfront project, Harborside 8.
The joint venture partners successfully landed $306 million in senior non-recourse construction financing via Kennedy Wilson, paired with a $78 million preferred equity investment from Affinius Capital. The deal, arranged by JLL Capital Markets, clears the path for the vertical construction of a 678-unit residential landmark.
For Panepinto Properties, a firm that has been a pioneer in Jersey City’s redevelopment since 1977, the project represents the culmination of a vision decades in the making.
“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,” said Joseph Panepinto, Sr. of Panepinto Properties.
The 65-story tower will bolster the partners’ extensive portfolios in a market where demand continues to outpace supply. The project includes:
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Massive Scale: 678 luxury apartments and over 8,500 square feet of ground-floor retail.
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Community Impact: A commitment to a redesigned 40,000-square-foot public waterfront park.
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Transit-Oriented Growth: Direct proximity to the Exchange Place PATH and Paulus Hook Ferry, ensuring long-term asset value.
Thomas Whitesell, Head of Kennedy Wilson’s Debt Investment Group, noted that the financing allows his firm to deepen its partnership with a “best-in-class development team” that has shaped the Jersey City skyline for decades.
