Plans for Pathside at 499-507 Summit Ave. in Jersey City call for 605 luxury apartments with a mix of floorplans ranging from studios to three bedrooms, plus 3,200 square feet of ground-floor commercial space. — Rendering courtesy: JLL
By Joshua Burd
Panepinto Properties has secured a $193 million construction loan for a planned 605-unit luxury apartment tower in Jersey City’s booming Journal Square neighborhood.
According to JLL, which arranged the deal, Pacific Life provided the $193 million nonrecourse financing in connection with the project at 499-507 Summit Ave. Plans for what’s known as Pathside call for a mix of floorplans ranging from studios to three bedrooms, with an average unit size of 710 square feet and 3,200 square feet of ground-floor commercial space.
JLL Senior Managing Director Thomas R. Didio, Senior Director Thomas E. Didio Jr., Director Gerard Quinn and Senior Analyst Salvatore Buzzerio represented Panepinto in sourcing the five-year, floating-rate loan.
“We are excited to announce the vertical capitalization of Pathside, the newest luxury delivery in Panepinto’s Gold Coast pipeline,” said Thomas E. Didio Jr., adding that Joseph Panepinto Jr. led negotiations on behalf of the developer. “Pacific Life provided the borrower team with an accretive nonrecourse, single-source solution in a very challenging market for large construction loans.”
Slated for completion in spring 2026, Pathside will be among the latest additions to the revitalized Journal Square neighborhood and directly adjacent to the PATH station. It’s also within a federally designated Opportunity Zone, making it eligible for favorable tax treatment.
AJD Construction is building the project.