Affinius Capital and Kennedy Wilson have closed on financing for the ground-up development of Harborside 8, a 65-story, 678-unit multifamily project located on the waterfront in Jersey City. The capitalization includes $78 million of preferred equity provided by Affinius and a $306-million senior loan originated by Kennedy Wilson. The property is being developed by Panepinto Properties on one of the last prime undeveloped sites on the Jersey City waterfront.
David Greenberg, managing director and co-head of credit originations at Affinius, said, “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.”
Added Thomas Whitesell, head of Kennedy Wilson’s debt investment group, “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 that will have a dramatic impact on the Jersey City skyline.”
The financing was arranged by Tom Didio, managing director at JLL. JLL also arranged the sale of the parcel to Panepinto Properties, which acquired it from Vertis Residential.
