Modon Forms US JV to Develop Luxury Residential Tower in New Jersey

01:27 AM EST, 12/22/2025 (MT Newswires) -- Modon Holding (ADX:MODON) said Monday it formed a joint venture with Related Companies and Panepinto Properties to develop Harborside 4, a 54-story luxury residential tower in New Jersey, US. The Abu Dhabi-listed real estate developer will acquire a majority equity stake in the project, which is expected to deliver 800 luxury rental apartments and condominiums. Construction is expected to begin in the first quarter of 2026, with completion targeted for the first quarter of 2029. As part of the development scheme, 75% of the residential units will be retained as rentals to generate recurring income, while the remaining 25% will be sold as condominiums. The partners will jointly oversee the development, with construction financing to be provided by a consortium of banks led by JP Morgan.