A construction loan for a residential project in Jersey City is another bump to the already-busy development plans for the area’s downtown.
Panepinto Properties received a $193 million non-recourse loan for the construction of Pathside, the Commercial Observer reported. The five-year, floating-rate loan will finance the 605-unit luxury development at 499-507 Summit Avenue.
JLL Capital Markets arranged the loan, led by debt advisory team members including Thomas Didio and Thomas Didio Jr.
The 53-story development slated for the downtown area will include one-, two- and three-bedroom spreads, as well as 3,200 square feet of commercial space on the ground floor. Construction is expected to wrap in the second quarter of 2026 and is being helmed by AJD Construction, a specialist for high-rise projects.
Formed in 1977, the family-owned Panepinto has been involved in a number of large Jersey City apartment developments. One of its more recent projects was also downtown with 90 Columbus, the fourth and final part of its “Columbus Collection.” Leasing began at the 539-unit building — co-developed with Ironstate Development — in 2018.
As a whole, the Columbus Collection includes 1,484 rentals, a hotel, parking and retail space.
The pace of development — and borrowing on behalf of developments — in Jersey City has been relentless as of late.
The LeFrak Organization earlier this month proposed a 322-unit project for 853 Jersey Avenue. The developer is one of the biggest players in Jersey City, responsible for transforming the city with 5 million square feet of offices and more than 7,000 apartments.
Brookfield Properties and G&S Investors in June landed a $420 million construction loan from Union Labor Life Insurance and other lenders for their joint project at 420 Marin Boulevard near the waterfront. The developers are building a 60-story, 802-unit project, part of Brookfield’s larger Hudson Exchange master plan development.
— Holden Walter-Warner
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