"Mudon Holding" Establish a joint venture with "Related" and"Panepinto" To develop a tower "Harborside 4" Residential in America

Abu Dhabi, December 22 / WAM / Modon Holding “Modon” today announced a new joint venture to develop “Harbourside 4”, a 54-storey residential tower located on one of the last prime locations overlooking the waterfront in downtown Jersey City, New Jersey, USA.

Modon will own a majority stake in the project, along with Related Companies, one of the most prominent real estate development companies in the United States, and Panepinto Properties, a well-established Jersey City company (referred to as the “joint venture”), in a move that represents a new milestone in the group’s strategy to expand its diversified global portfolio.

The Harborside 4 project, designed by Handel Architects, will provide approximately 800 luxury residential units for rent and ownership in Jersey City, with direct panoramic views of the Manhattan skyline, along with a full range of high-end lifestyle and hospitality facilities, including a distinguished gym and concierge services.

The project is distinguished by its location close to Manhattan, as it is only minutes away via the PATH train network across the Hudson River, in addition to water ferry services, in addition to the availability of a wide range of retail facilities, restaurants, and community services in the vicinity of the project, including the “Whole Foods” store directly opposite the new tower.

The project will include keeping about 75% of the residential units for rental purposes, to achieve recurring and stable income in the long term, while the remaining percentage of about 25% will be marketed as residential units for ownership.

Construction work is scheduled to begin during the first quarter of 2026, with the aim of completing the project in the first quarter of 2029.

The joint venture will oversee the development of the tower, with Related Companies leading the development, construction management, leasing and operation works.

Related has more than 50 years of experience in integrated development and management, with assets under management exceeding $70 billion, and more than $20 billion in construction projects delivered over the past decade.

For its part, Panepinto Properties has a proven track record of developing more than 17 million square feet of projects in Jersey City since 1977, and has long-term experience and extensive knowledge in the local market.

A consortium of banks, led by JPMorgan, will provide the necessary financing for construction work.

His Excellency Jassim Mohammed Buataba Al Zaabi, Chairman of the Board of Directors of “Modon Holding”, said on this occasion that the “Harbourside 4” project represents a strong support for the global expansion strategy pursued by “Modon”, and at the same time reflects the company’s commitment to investing in assets that have a promising future that guarantees the achievement of long-term value. The partnership with “Related” and “Panipinto” brings together institutions that possess the experience and ambition necessary to develop vibrant urban communities that keep pace with the future, and also enhance Modon’s position as a reliable global investment partner. He added that this project contributes to supporting Modon’s international portfolio, enhances its diversification strategy, and confirms its vision to develop high-quality urban destinations in the most important global markets.

For his part, Bill O’Regan, CEO of Modon Holding Group, said that the new project is consistent with Modon’s business model, which is based on combining distinguished development opportunities, joint implementation plans, and cooperation with highly capable partners, which supports its goals aimed at enhancing recurring income sources in the long term.

He pointed out that Related’s operational capabilities and Panepinto’s deep-rooted local experience provide an integrated platform based on excellence in design and discipline in implementation.

He added that we will work side by side with partners to supervise all major stages of development, which will contribute to transforming ‘Harborside 4’ into an integrated, high-performance community, stressing that this investment supports Modon’s vision that aims to build a diversified global portfolio characterized by flexibility and sustainability.

For his part, Bruce A. welcomed Bill Jr., President of Related Companies, in cooperation with the Modon Holding team to launch this distinguished project, pointing out that thanks to its exceptional location minutes away from Manhattan in the rapidly growing city of Jersey City, Harborside 4 represents a unique opportunity to develop upscale residential units on the waterfront, in partnership with entities and investors who share Related Companies’ vision of creating vibrant residential communities with the highest standards of excellence.

For his part, Joseph Panepinto Senior, founder and CEO of Panepinto Properties, said that the acquisition of the ‘Harborside 4’ project strengthens his company’s role in the process of redeveloping the waterfront of Jersey City and its surrounding areas, pointing out that the area has witnessed a gradual transformation from industrial uses to a leading contemporary residential and commercial destination that contributes to providing job and income opportunities for the city’s residents, stressing the commitment to supporting the sustainable growth of Jersey City throughout all its areas.

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