Kennedy Wilson, Affinius Provide $384M Financing for Jersey City Multifamily
Affinius Capital and Kennedy Wilson have closed on financing for the ground-up development of Harborside 8, a 65-story, 678-unit multifamily project located on the waterfront in Jersey City. The capitalization includes $78 million of preferred equity provided by Affinius and a $306-million senior loan originated by Kennedy Wilson. The property is being developed by Panepinto Properties on one of the last prime undeveloped sites on the Jersey City waterfront.
David Greenberg, managing director and co-head of credit originations at Affinius, said, “Harborside 8 will address the significant demand for premium multifamily housing in one of the region’s most dynamic and fastest growing markets. Panepinto Properties brings proven execution capabilities and extensive New Jersey market knowledge, critical advantages for a development of this scale in Jersey City.”
Added Thomas Whitesell, head of Kennedy Wilson’s debt investment group, “This financing will enable Kennedy Wilson to deepen partnerships with a premier 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.”
The financing was arranged by Tom Didio, managing director at JLL. JLL also arranged the sale of the parcel to Panepinto Properties, which acquired it from Vertis Residential.
Other News
Queens’ Tallest Tower Reaches 90% Leased, Adds First Retail Tenants
BLDG Management Co., Inc announced that The Orchard, Queens’ tallest tower, has surpassed 90% leased across its 824 residences nine months after launching residential leasing. The milestone occurs as the 70-story Long Island City development recently signed its first three retail tenants: K-beauty brand Tokimo, Japanese tea and beverage brand Mollytea and financial technology platform...
Learn more
80-Unit Seniors Housing Development Opens in Suburban Chicago
Leyden Senior Apartments, a new four-story independent senior living development in Franklin Park, recently opened. Located at 2506 N. Mannheim Road, Leyden Senior Apartments offers one- and two-bedroom residences. The adjacent newly constructed Carl Fiorito Senior Center will be available to the entire community. Owned by Leyden Apartments LP, Leyden Senior Apartments was designed by...
Learn more
312-Unit Multifamily in Indiana Changes Hands
Northmarq’s Investment Sales team, led by Bobby Schiavone, Jordan Arand and Adam Klenk, led the sale of The Bend Apartments, a 312-unit garden apartment community located at 1909 Greentree Blvd. in Clarksville, Indiana. Northmarq represented the seller, a regional multifamily developer. The buyer was a private investor. “The Bend generated significant investor demand, further proving...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout