BHI Provides $39M Construction Loan to Build 75-Unit Multifamily in Jersey City
New York developer EPIRE is leading construction on yet another New Jersey project
By Brian Pascus November 21, 2024 3:43 pm
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An affiliate of EPIRE, a New York City-based development firm, has secured $38.7 in construction financing to build One Jones Park, a 75-unit residential property in Jersey City, N.J.
BHI, the United States branch of Israel-based Bank Hapoalim (BKHYY), provided the financing. No broker was listed on the transaction.
BHI previously provided EPIRE with a $36 million construction loan issued in 2021 for The Galleria on Provost, an 86-unit luxury condominium in Jersey City, and has financed several smaller commercial construction projects in the New Jersey towns of Mahwah and South Hackensack for EPIRE, as well.
EPIRE’s President George Altirs said in a statement that his firm is grateful for the “continued support” of BHI.
“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 Altirs.
Located at 387 Eighth Street in Jersey City’s Hamilton Park neighborhood — a 5-acre historic district that includes Victorian brownstones and renditions of Shakespeare in the Park — One Jones Park began construction in March 2024 and is expected to be completed by December 2025.
The nine-story building features 25 one-bedroom units, 47 two-bedrooms units, and three three-bedroom units. It also includes a 90-vehicle parking garage, a fitness center, a children’s playroom, and both indoor and outdoor resident lounges.
“BHI is proud to provide financing to a new multifamily development in Jersey City” said Ilana Druyan, senior vice president and head of international origination at BHI. “We look forward to continuing a long and fruitful relationship with EPIRE.”
Brian Pascus can be reached at bpascus@commericalobserver.com
