BHI, the U.S. branch of Bank Hapoalim, B.M., recently granted $38.7 million in funding to 387 Eight Holdings LLC for the development of One Jones Park in Jersey City. The nine-story building will consist of 75 residential units and ground- and second-floor retail space.
Construction on One Jones Park began in March 2024 and is expected to be completed by December 2025. The project will include a mix of one-bedroom, two-bedroom, and three-bedroom units totaling 25,47,and three respectively. This marks the second collaboration between BHI and EPIRE after a previous $36-million loan was issued for another luxury condominium project called The Galleria on Provost located in Jersey City’s Powerhouse Arts District.
Ilana Druyan, SVP – team leader and head of international origination – CRE at BHI expressed pride in being able to finance this new multifamily development in Jersey City while also looking forward to maintaining a strong relationship with EPIRE going forward.
This news was originally reported by Connect CRE.
