Kennedy Wilson, Affinius Provide $384M Construction Financing Package for Jersey City Multifamily Project
By Andrew Coen and Cathy Cunningham December 11, 2025 5:17 pm
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New Jersey developer Panepinto Properties has landed a $384 million financing package to develop the first building in its two-tower multifamily project on the Jersey City waterfront, Commercial Observer can first report.
Kennedy Wilson provided a $306 million senior loan, while Affinius Capital supplied $78 million of preferred equity for the planned 678-unit Harborside 8 project.
“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,” Thomas Whitesell, head of Kennedy Wilson’s debt investment group, said in a statement.
The property is scheduled for completion in 2028. Units in Harborside 8 will have views of the Hudson River and Manhattan skyline, and amenities will include a rooftop terrace, a pool, a fitness center and coworking spaces.
“Harborside 8 will address the significant demand for premium multifamily housing in one of the region’s most dynamic and fastest-growing markets,” David Greenburg, Affinius Capital’s co-head of credit originations, said in a release. “Panepinto Properties brings proven execution capabilities and extensive New Jersey market knowledge, critical advantages for a development of this scale in Jersey City.”
Panepinto Properties, led by founder and CEO Joseph A. Panepinto Sr., acquired the development site that will be utilized for Penepinto’s Harborside 8 and Harborside 9 projects from Veris Residential — formerly Mack-Cali Realty — for $75 million, Real Estate NJ reported. Veris has been busy divesting properties, also recently selling The James in Park Ridge, according to NJ Biz.
The towers will have a combined 1,267 units. Harborside 8 will reach 65 stories and comprise 678 rental units, 8,578 square feet of retail space, a 350-space parking garage and a 40,000-square-foot public park along the Hudson River, according to Real Estate NJ.
JLL’s Tom Didio negotiated the financing.
Cathay Cunningham cam be reached at ccunningham@commercialbserver.com and Andrew Coen can be reached at acoen@commercialobserver.com
