BHI, a branch of Bank Hapoalim 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. The asset 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, 47 two-bedroom and 3 three-bedroom 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.
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.
“BHI is proud to provide financing to a new multifamily development in Jersey City” Ilana Druyan, senior vice president – team leader and head of International Origination – CRE, at BHI, said. “We look forward to continuing a long and fruitful relationship with EPIRE.”
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 Altirs for the construction of 12 single family homes in Mahwah as well as refinancing on a warehouse property located at 3 Empire Boulevard, South Hackensack.
