Panepinto Properties Inc. has received $193 million in non-recourse construction financing for Pathside, a 605-unit luxury development in Jersey City, N.J. JLL Capital Markets secured the five-year, floating-rate loan through Pacific Life.
AJD Construction serves as the project’s general contractor and HLW International as the main architect.
Upon its expected 2026 completion, Pathside will feature 605 residential units and 3,200 square feet of retail space on the ground floor. The high-rise apartment building will incorporate studio, one-, two- and three-bedroom floorplans averaging 710 square feet. Common-area amenities are set to include a fitness center, a spa, a community room, a wrap-around terrace spanning over 4,000 square feet, a 1,337-square-foot coworking lounge, some 304 bicycle parking spaces and approximately 140 parking spaces.
The 53-story tower will rise in an Opportunity Zone at 499-507 Summit Ave., in the Journal Square neighborhood. The development is close to Route 9 and Interstate 78, which provide easy access across the New York City metropolitan area. Lincoln Park, Liberty State Park, Jersey City Medical Center, Newport Center and Hudson Mall are within a 3.5-mile radius.
Senior Managing Director Thomas R. Didio, Senior Director Thomas E. Didio Jr., Director Gerard Quinn and Senior Analyst Salvatore Buzzerio led the JLL Capital Markets team, working on behalf of the Panepinto.
Earlier this month, another JLL team provided the joint venture of Cadence Property Group, HOH Capital Partners and Deal Lake Capital with construction financing for a seven-story luxury condominium building in Manhattan. The luxury building will rise in the Hell’s Kitchen neighborhood.
