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FINANCED

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

499 Summit Avenue

MultiFamily
clock iconFinanced 331 days ago
Salvatore Buzzerio
Gerard Quinn
Thomas (Tom) Didio
+ 2
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Summary

Loan
NEW JERSEY
MultiFamily

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.

Players

  • All

    6

  • Agents

    4

  • Agencies

    1

  • Lenders

    1

Salvatore Buzzerio's profile picture
Salvatore Buzzerio
JLL-image
Analyst
$159.5M Sold
Gerard Quinn's profile picture
Thomas E. Didio, Jr's profile picture

Details

Deal Summary
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FINANCED
IMAGE: Thomas Didio, Thomas Didio, Jr., Gerard Quinn & Salvatore Buzzerio DATE: 08/21/2023 ADDRESS: 499-507 Summit Avenue MARKET: Jersey City ASSET TYPE: Multifamily ~ UNITS: 605 LENDER: Pacific Life (@PacificLife) LANDLORD: Panepinto Properties, Inc. BROKERS: Thomas Didio, Thomas Didio, Jr., Gerard Quinn & Salvatore Buzzerio - JLL (@JLL) LOAN AMOUNT: $193,000,000 LOAN TYPE: Construction Loan LOAN TERMS: non-recourse, five-year, floating-rate NOTE: JLL Capital Markets has arranged $193 million in non-recourse construction financing for Pathside, a luxury high-rise apartment building with 605 units in Jersey City's Journal Square. The loan, secured through Pacific Life on behalf of Panepinto Properties, Inc., will fund the project, set to be completed by Q2 2026, conveniently located near the PATH subway station for easy access to Manhattan.

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Address499 Summit Avenue

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