Pacific Life Provides $193M Construction Loan for Jersey City High-Rise
Panepinto Properties will build Pathside, a 605-unit luxury tower in Journal Square
By Brian Pascus August 22, 2023 12:04 pm
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Panepinto Properties, a Jersey City-based real estate developer, has secured $193 million in nonrecourse construction financing to build Pathside, a 605-unit luxury apartment high-rise in Jersey City, N.J..
JLL (JLL) Capital Markets arranged the five-year, floating-rate loan from Pacific Life, the brokerage announced yesterday. The debt advisory team that led the transactions included Thomas R. Didio, Thomas E. Didio Jr., Gerard Quinn and Salvatore Buzzerio.
As they have done for more than 30 years, Gibbons P.C. served as Panepito Properties’ legal counsel on the deal
“We are excited to announce the vertical capitalization of Pathside, the newest luxury delivery in Panepinto’s Gold Coast pipeline,” said Thomas E. Didio in a statement. “Pacific Life provided the borrower team with an accretive nonrecourse, single-source solution in a very challenging market for large construction loans.”
AJD Construction, a privately owned firm with more than 45 years of regional experience and a specialty in residential high-rise construction, is leading the project’s building.
Located at 499-507 Summit Avenue in Downtown Jersey City, the 53-story Pathside is expected to be completed in the second quarter of 2026 and include one-, two- and three-bedroom units together with more than 3,200 square feet of ground-floor commercial space. Located only a short walk from the PATH subway station in the bustling Journal Square neighborhood, Pathside is a few train stops from Manhattan.
HLW International designed the high-rise.
Panepinto Properties was formed in 1977. The family-owned firm is managed by Joseph Panepinto Jr., and has made a mark over the years in the Jersey City mixed-use development space with a portfolio that includes luxury high-rises, commercial buildings and hotels. Panepinto Fine Art is a subsidiary that curates contemporary fine art into Panepinto offices, apartment buildings and hotels.
Brian Pascus can be reached at bpascus@commercialobserver.com
