JLL Capital Markets secured the $193 million non-recourse construction financing for Pathside, a 605-unit high-rise at the Journal Square PATH in Jersey City, NJ

Thomas E. Didio Jr.

 MORRISTOWN, NJ, Aug. 21, 2023 – JLL Capital Markets announced today that it has arranged the $193 million non-recourse construction financing for Pathside, a 605-unit to-be-built, luxury high-rise apartment building located in the Journal Square neighborhood of Jersey City, New Jersey.

 JLL worked on behalf of the borrower Panepinto Properties, Inc. (“Panepinto”) to secure a five-year, floating-rate loan through Pacific Life. 

 

With an anticipated completion of Q2 2026, Pathside will feature, studio, one-, two- and three-bedroom units, averaging 710 square feet. Additionally, the property will feature 3,200 square feet of ground-floor commercial space.

Gerard Quinn

The project is being built by AJD Construction, a privately owned company founded by Anthony J. Diaco in 1977 and specializing in high-rise residential buildings. 

Since that time, AJD has built over 50,000 apartments and prides itself as a streamlined company with the common goals of job completion, efficiency and customer satisfaction.

 

Pathside will be located at 499-507 Summit Ave. and is within an Opportunity Zone. The property is situated in the Journal Square neighborhood of Jersey City and directly adjacent to the PATH subway station, providing direct access to Manhattan.

 

The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Thomas R. Didio, Senior Director Thomas E. Didio, Jr., Director Gerard Quinn and Senior Analyst Salvatore Buzzerio.

Salvatore Buzzerio

“We are excited to announce the vertical capitalization of Pathside, the newest luxury delivery in Panepinto’s Gold Coast pipeline.

 

"Pacific Life provided the borrower team with an accretive non-recourse, single source solution in a very challenging market for large construction loans,” stated Thomas E. Didio, Jr.

 

 He added that negotiations were successfully led by Joseph Panepinto, Jr., on behalf of the borrower.

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CONTACT:

Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com