JERSEY CITY, N.J. — JLL has arranged a $193 million construction loan for Pathside, a 605-unit luxury apartment tower in Jersey City, a suburb of New York City. Located at 499-507 Summit Ave. in the city’s Journal Square neighborhood, the high-rise will be situated within an opportunity zone and adjacent to the PATH subway station.
Thomas Didio, Thomas Didio Jr., Gerard Quinn and Salvatore Buzzerio of the debt advisory team at JLL Capital Markets arranged the five-year, floating-rate, nonrecourse loan through Pacific Life.
The borrower, locally based Panepinto Properties Inc., plans to deliver Pathside in the second quarter of 2026. Joseph Panepinto Jr., global president of Panepinto Properties, led the financing negotiations on behalf of the developer.
“We are excited to announce the vertical capitalization of Pathside, the newest luxury delivery in Panepinto’s Gold Coast pipeline,” says Thomas Didio Jr. “Pacific Life provided the borrower team with an accretive single-source solution in a very challenging market for large construction loans.”
Upon completion, Pathside will feature studio, one-, two- and three-bedroom apartments averaging 710 square feet in size. The property will also feature 3,200 square feet of commercial space on the ground level.
The general contractor on the project is AJD Construction, and HLW was the project architect. Russell Bershad, Nicole Taplin and Michael Lubben of Gibbons P.C. provided legal counsel to Panepinto Properties.
Founded in 1977, Panepinto Properties is a developer of mixed-use, residential, commercial and hotel properties, primarily in Jersey City. The company’s portfolio includes office buildings at 412-418 Summit Ave., near the Pathside apartment tower.
In recent years the company has branched out to develop in other coastal markets via its Panepinto Global division. Additionally, the company’s Panepinto Fine Art division curates permanent art installations at residential, office and hotel properties.
— John Nelson