BHI Provides $38.7 Million in Financing to EPIRE for the Construction of One Jones Park, A 75 Unit Multifamily Development at 387 8th Street in Jersey City
November 25, 2024
Source: BHI
JERSEY CITY, November 25, 2024 – BHI, the U.S Branch of Bank Hapoalim, B.M. and a full-service commercial bank, today announced that it has provided $38.7 Million in financing to 387 Eight Holdings LLC, an entity affiliated to development company EPIRE, for the construction of One Jones Park, located at 387 8th Street Jersey City, New Jersey. The building will be a 9-story structure and feature 75 residential units, plus ground and second floor retail. The property will also contain a parking garage equipped with a 90-vehicle, electronically controlled automatic stacking system.
One Jones Park, which had construction commence in March 2024 and is projected to be completed by December 2025, will contain 25 one-bedroom (avg. 807 SF), 47 two-bedroom (avg. 1,222 SF) and 3
three-bedroom (avg. 1,686 SF) units. Amenities will include 24-hour doorman,
storage, bike storage, fitness center, kid’s playroom and an indoor and outdoor residents’ lounge on the rooftop level.
EPIRE’s President George Altirs, and CEO and Founder Alessandro Bonati have an extensive development experience, having recently completed a variety of luxury residential and commercial real estate projects in the New York Metro Area and New Jersey.
This also marks the second transaction between BHI and EPIRE, following a $36 million construction loan issued in 2021 for The Galleria on Provost, an 86-unit luxury condominium, located in the Powerhouse Arts District in Jersey City. BHI has also provided financing to Mr. Altirs for the construction of 12 single family homes in Mahwah, NJ as well as refinancing on a warehouse property located at 3 Empire Boulevard, South Hackensack, NJ.
Located in Jersey City’s Hamilton Park neighborhood, One Jones Park is situated one-half mile from a popular entertainment/restaurant row district on Newark Avenue and also a mile from the Grove Street PATH Station and the Harismus Cove HBLRTS Light Rail Station.
“BHI is proud to provide financing to a new multifamily development in Jersey City” said Ilana Druyan, Senior Vice President – Team Leader and Head of International Origination – CRE, at BHI. “We look forward to continuing a long and fruitful relationship with EPIRE.”
“To work with BHI is to work with a financial partner who fundamentally understands your mission and vision and collaborates with you every step of the way to help put you in a position to execute,” said George Altirs. “Alessandro and I are thankful for their continued support.”
About BHI
BHI, the U.S Branch of Bank Hapoalim, B.M., Israel's leading financial institution, provides commercial banking solutions to middle market clients in sectors including commercial real estate; general, domestic and Israeli C&I; private equity; food and beverage; apparel; healthcare; corporate banking; and high-tech. In addition to its New York headquarters, the bank operates U.S. Representative Offices in Woodcliff Lake, New Jersey; Miami, Florida; and Los Angeles, California. For more information, visit www.bhiusa.com.
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