One of the largest towers coming to the Jersey City waterfront has nabbed a massive financing deal just a few months after work began at the block-long site.
JLL recently announced a $384 million financing deal that has been arranged for Harborside 8, a luxury waterfront development at 3 Second Street. The package includes $306 million in construction financing and $78 million for the land purchase and vertical construction of the future 68-story tower.
JLL represented the borrowers, Panepinto Properties and AJD Construction, in securing the loan through Kennedy Wilson and arranging the preferred equity through Affinius Capital.
Harborside 8 will rise on about half of a 169,000-square-foot surface parking lot. Drawn up by Boston-based Elkus Manfredi Architects, the development is slated to top out at just over 708 feet at the highest point.
Excavation and preliminary work finally began at the project in 2025, years after the development was greenlit all the way back in March of 2020 under previous ownership.
The project will feature 678 residential units, but because the development’s approvals were obtained before Jersey City’s inclusionary housing ordinance was in effect, Harborside 8 does not include any affordable housing component.
329 parking spaces will be featured inside a garage within the building’s first eight floors, while the ground floor of Harborside 8 will sport two retail storefronts. One will face the Hudson River and span 5,437 square feet, while the other will front Hudson Street and total 3,225 square feet.
The entire 10th and 11th floors of the building will be exclusively devoted to amenity space. Among the slew of perks to be featured are an outdoor amenity terrace, a pool, golf simulators, a dog run, a club room, a library, a conservatory, a dining area, and a wine bar.
Outside Harborside 8, a new road will be constructed just north of the development between the building and the remaining parking lot, which is set to house another high-rise called Harborside 9. The 57-story tower will comprise 680 condominiums, and Jersey City-based GN Management recently purchased the development site.
The Harborside 8 development partners plan to hold a formal groundbreaking sometime during the first quarter of 2026, and the entirety of the project is expected to be completed in 2030.
