Affinius Capital and Kennedy Wilson provide $78 million and $306 million loan to develop Harborside 8

Jersey City, NJ Affinius Capital and Kennedy Wilson closed on the financing for the ground-up development of Harborside 8, a multifamily project located on the waterfront. The capitalization includes $78 million of preferred equity provided by Affinius Capital and a $306 million senior loan originated by Kennedy Wilson. The property is being developed by Panepinto Properties on one of the last undeveloped sites on the local waterfront.

Affinius Capital’s 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.”

“Harborside 8 aligns with our team’s strategy to support transformative multifamily developments in regions experiencing rapid growth. 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,” said 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.”

Panepinto intends to develop a 65-story, Class A multifamily tower that will bring ground-floor retail and 678 luxury residential units to the waterfront. The thoughtfully designed residences will offer a curated mix of unit types featuring premium finishes and sweeping views of the Manhattan Skyline and the Hudson River.

Scheduled for completion in late 2028, the property will include a comprehensive suite of amenities such as a rooftop terrace, resort-style pool, fitness center, dedicated co-working spaces, and wellness center designed for modern urban living. The property’s location on the Jersey City waterfront will offer excellent accessibility for tenants with direct access to major transit and amenities throughout the New York metropolitan area.

The financing was arranged by Tom Didio, managing director at JLL.