Panepinto Closes Harborside 8/9 Purchase and Secures $384 Million to Start Jersey City Tower

Overview

• Panepinto Properties bought the waterfront Harborside 8/9 site from Veris Residential for $75 million, marking Veris’s exit from the complex.
• A $384 million package closed for Harborside 8, including a $306 million senior loan from Kennedy Wilson and $78 million of preferred equity from Affinius Capital, arranged by JLL’s Tom Didio.
• Site work and piledriving have begun for Harborside 8, a 65-story rental tower at 2 Second Street and 242 Hudson Street.
• Plans for Harborside 8 call for 678 apartments, 8,578 square feet of retail, a 350-space garage, extensive amenities, and a 40,000-square-foot public park.
• The approved second phase, Harborside 9, is a 57-story tower with 579 units, 14,800 square feet of retail, a 555-space garage, and a 15% affordable set-aside totaling 87 homes.