JLL Arranges $193M Loan For Pathside Luxury Apartment Building In Jersey City

A non-recourse construction loan of $193 million has been arranged by JLL Capital Markets for Pathside, a luxury high-rise apartment building in Jersey City's Journal Square. The project, located at 499-507 Summit Avenue, is being developed by Panepinto Properties, Inc. and consists of 605 units. The loan, secured through Pacific Life, will fund the construction of the building, which is expected to be completed by Q2 2026. Its prime location near the PATH subway station provides convenient access to Manhattan.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $193,000,000
• Address: 499-507 Summit Avenue, Jersey City
• Market: Journal Square

The brokerage team representing the deal includes Thomas Didio, Thomas Didio Jr., Gerard Quinn, and Salvatore Buzzerio from JLL. They played a key role in securing the non-recourse, five-year, floating-rate construction loan.