Plans for Harborside 8 at 242 Hudson St. in Jersey City call for 678 upscale apartments, 8,578 square feet of ground-floor retail space, 350 parking spaces and a redesigned 40,000-square-foot waterfront public park. — Rendering courtesy: JLL
By Joshua Burd
Developers 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 said Tuesday.
According to a news release, Kennedy Wilson is providing $306 million in senior nonrecourse construction financing 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 Affinius 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 financing 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 Affinius Capital for their partnership — together powering the newest benchmark for luxury living on the Gold Coast.”
Details of the project emerged last week after Panepinto closed on the site of Harborside 8 and an adjacent parcel, paving the way for two long-awaited rental towers. JLL noted that the properties are within a five-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.
The planned 719,726-square-foot tower will have floorplans ranging from studios to three-bedroom units, 8,578 square feet of ground-floor retail space, 350 parking spaces that will include electric vehicle charging stations and a redesigned 40,000-square-foot waterfront public park, the debt placement team said. Residents, meantime, will have access to more than 20,000 square feet of amenities, including a fitness center, an indoor swimming pool, a yoga studio, a golf simulator and rooftop terraces with views of New York City, the Hudson River and the Statue of Liberty.
The developers, both of which have deep ties to Jersey City, expect to stabilize the building in early 2030, about four years after breaking ground.
“It is deeply fulfilling 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.
JLL added that Panepinto, which was founded in 1977, has pioneered commercial, residential and mixed-use developments throughout Jersey City. AJD, for its part, has built more than 50,000 apartments valued at more than $6 billion since its founding in 1977.
“Harborside 8 aligns with our team’s strategy to support transformative multifamily developments in regions experiencing rapid growth,” said Thomas Whitesell, head of Kennedy Wilson’s debt investment group. “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.”
“This financing will enable Kennedy Wilson to deepen partnerships with a best-in-class 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.”
