Overview
- The capitalization includes a $306 million senior non-recourse floating-rate construction loan from Kennedy Wilson and $78 million in preferred equity from Affinius Capital.
- JLL represented borrowers Panepinto Properties and AJD Construction to fund the land purchase and vertical construction of the 678-unit high-rise.
- The 242 Hudson St. project is planned at 65 stories and 719,726 square feet, with 8,578 square feet of ground-floor retail, 350 parking spaces with EV charging, and a redesigned 40,000-square-foot waterfront park.
- Residents are expected to have a five-minute walk to Exchange Place PATH and the Paulus Hook Ferry for direct access to Manhattan.
- The plan touts more than 20,000 square feet of amenities including a fitness center, indoor pool, yoga studio, golf simulator, rooftop terraces, co-working rooms, and a wine bar, with backers citing persistent rental demand on the waterfront.