JLL's Capital Markets group announced 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, N.J.
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 access to Manhattan via a five-minute walk to the Exchange Place PATH station and the Paulus Hook Ferry, which provides direct service across the Hudson River. The property is in the East Waterfront district of the Harsimus Cove Station Redevelopment Area, which promotes high-density development to create walkable, mixed-use neighborhoods.
The pla
