Page 16 - RE-NJ

14 JANUARY 2026
to Franklin Towers Property
Management LLC for $10.988 million.
Robert Holland and Tom Scatuorchio
of The Kislak Co. Inc. represented the
seller and procured the buyer, while
Walker & Dunlop arranged fi nancing.
A developer sold Kings View
Apartments, a 38-unit building at 1
Jenny Lind St. in Netcong, for $10.8
million. Adam Zweibel and Dante
Fusaro of Hudson Atlantic Realty
represented the seller.
STAYCE ARMS LLC sold Madison
Apartments, a 32-unit complex in
Dumont, to NWestates LLC. Sage
Investment Real Estate Advisors’
Steve Tragash and Greg Pine
represented the seller.
PANEPINTO, AJD INK $384 MILLION
FINANCING DEAL IN JERSEY CITY
D evelopers are planning an
early 2026 groundbreaking for
a new 678-unit apartment tower
in Jersey City after landing $384
million in capital for the project,
brokers with JLL announced.
According to a news release,
Kennedy Wilson is providing $306
million in senior nonrecourse
construction fi nancing in
connection with the planned
65-story building at 242 Hudson
St. The borrowers, Panepinto
Properties and AJD Construction,
also secured $78 million in
preferred equity from Affi nius
Capital for the land purchase and
vertical development of what’s
also known as Harborside 8.
JLL Senior Managing Director
Thomas Didio, Managing Director
Thomas E. Didio Jr., Senior
Director Ryan Robertson, Director
Gerard Quinn and Associate John
Cumming represented the joint
venture in the transactions.
“This fi nancing sends a clear
message: Jersey City’s waterfront
remains one of the strongest,
most sought-after rental markets
in the country,” Didio Jr. said. “In
the face of continued new supply,
demand here continues to outpace
delivery, driving exceptional
rent growth to best-in-class
developments like Harborside
8. This sizable transaction is a
direct result of unmatched local
expertise and proven execution
by Panepinto and AJD — names
that have shaped the Jersey City
skyline for decades. Thank you
to Kennedy Wilson and Affi nius
Capital for their partnership —
together powering the newest
benchmark for luxury living on
the Gold Coast.”
Details of the project emerged in
December after Panepinto closed
on the site of Harborside 8 and
the adjacent Harborside 9 parcel,
subsequently selling the latter
to GN Management. JLL noted
that the properties are within a
fi ve-minute walk of the Exchange
Place PATH station and the Paulus
Hook Ferry, providing direct
transportation to Manhattan in
the well-known mixed-use district
along the Hudson River.
“It is deeply fulfi lling to see this
journey come full circle — from
the 1996 land acquisition that
enabled the development of
Harborside Plaza 10 to today, as
we commence construction on
Harborside 8 and 9,” said Joseph
Panepinto Sr., founder and CEO of
Panepinto Properties.
Plans for Harborside 8 at 242 Hudson St. in Jersey City call for 678 upscale
apartments, 8,578 square feet of ground-fl oor retail space, 350 parking spaces
and a redesigned 40,000-square-foot waterfront public park.
Rendering courtesy: JLL
1222 FIRST LLC sold 1222-1230 1st
Ave., a 10-unit apartment building in
Asbury Park, for $2.3 million. Daniel
Lanni and Robert Squires of The
Kislak Co. Inc. represented the seller.
RETAIL
RIVANI sold The Gardens, a
167,532-square-foot portfolio on
International Drive South in Mount
Olive, for $27.9 million. Kevin O’Hearn,
Jose Cruz and J.B. Bruno of JLL
represented the seller.
SITE CENTERS CORP. sold East
Hanover Plaza, a 98,020-square-foot
shopping center at 154 Route 10 in
East Hanover, to Haverford Retail
Partners as part of a multistate
portfolio deal. JLL’s Jose Cruz, J.B.
Bruno and Michael Kavaler led the
East Hanover transaction on the
seller’s behalf.
PLANET FITNESS leased 26,611
square feet at Aldrich Plaza, a
131,979-square-foot shopping center
in Howell. E.J. Moawad of Levin
Management Corp. and Joseph
Dougherty of Metro Commercial
represented the landlord and tenant,
respectively.
A private investor acquired 4700
Bergenline Ave., a 22,000-square-
foot property in Union City, for $7.8
million. Marcus & Millichap’s Alan
Cafi ero, Brent Hyldahl and Devin
Perez represented the seller and, along
with Dean Matuszewicz, procured the
buyer.
STANBERY DEVELOPMENT GROUP,
CLAREMONT DEVELOPMENT and PCCP
LLC leased a combined 12,849 square
feet at District 15Fifteen, a mixed-use
project on Route 10 in Parsippany,
to O’Bagel, Pure Green, Home Town
Creamery, The Yard Gym, Discover
Strength, Yoga Six and Jetset Pilates.
Pierson Commercial’s Ryan Starkman
represented ownership.
SAPORE RAVIOLI leased 11,000 square
feet at 427 Lincoln Blvd. in Middlesex
Borough. Todd Gannet of The
Boniakowski Commercial Real Estate
Group represented both the landlord
and tenant, an Italian gourmet store.
MOUNTAIN REALTY LLC leased a
combined 8,300 square feet at
Mountain Crest Mall, a 21,400-square-
foot property at 10 Community Place
in Warren, to Pratt Performance
Systems LLC and Bangin Hair Salon.
Tim Deluccia and Bob Axmann
of Deluccia Commercial Group
represented the landlord, with
Axmann also representing Bangin Hair
Salon.
VIO MED SPA, QUICKWAY JAPANESE
HIBACHI and NAMKEEN HOT CHICKEN
JOINT leased a combined 4,894
square feet at West Orange Plaza,
a 298,000-square-foot center at 235
Prospect Ave. in West Orange. Ed
Vasconcellos of Levin Management
Corp. represented ownership in the
deals. Teddy Shamma and William
Farkas, who were with Jeffery Realty
at the time, represented VIO Med
Spa, while Jonathan Greenberg of
Katz & Associates and Curtis Nassau
of RIPCO Real Estate represented
Quickway Japanese Hibachi and
Namkeen Hot Chicken Joint,
respectively.
J&L leased 3,500 square feet at Fifty-
Five Union, a luxury apartment
building at 55 Union St. in Newark, to
Alpha Fit Club.
STRUCK FITNESS leased 2,430 square
feet at Fieldstone Park Shopping
Center, a 95,566-square-foot property
at 130 Skyline Drive in Ringwood.
Kevin Pelio of Azarian Realty Co.
represented both parties.
FINANCE
A life insurance company provided
$110.5 million in permanent fi nancing
to the owner of more than 800,000
square feet of industrial space in
Secaucus. Gretchen Wilcox and
Al Raymond of G.S. Wilcox & Co.
sourced the seven-year, fi xed-rate loan
with an interest-only structure.
AMBOY BANK closed a $50 million
construction loan to Weiss Properties,
the developer of a 240-unit luxury
multifamily project at Route 130 and
South Fairview Street in Delran.
PPM AMERICA INC. provided $27.1
million in bridge fi nancing to
Bridge Industrial in connection
with Bridge Point Piscataway, a
147,620-square-foot warehouse project
at 10 Constitution Ave. in Piscataway.
Michael Klein, Jon Mikula and Kevin
Badger of JLL sourced the debt.
UNIVEST BANK AND TRUST CO.
originated a $19.6 million construction
loan to Saxum Real Estate and
Penwood Real Estate Investment
Management LLC, the developers of
a new 128,150-square-foot warehouse
and logistics facility at 7 Campus Drive
in Parsippany. Cushman & Wakefi eld’s
John Alascio, Chuck Kohaut, TJ
Sullivan and Mary Shin arranged the
transaction. RE