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New York & Tri-State  + New Jersey  |  November 27, 2024
Paul Bubny
By: Paul Bubny

BHI Provides $39M Financing for Jersey City Residential Project

BHI, the U.S Branch of Bank Hapoalim, B.M., recently provided $38.7 million in financing to 387 Eight Holdings LLC, an entity affiliated with development company EPIRE, for the construction of One Jones Park, located at 387 8th St. in Jersey City. The building will be a nine-story structure and will feature 75 residential units, plus ground- and second-floor retail.

One Jones Park, which launched construction in March 2024 and is projected to be completed by December 2025, will contain 25 one-bedroom, 47 two-bedroom and three three-bedroom units. The deal 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 is proud to provide financing to a new multifamily development in Jersey City” said Ilana Druyan, SVP – team leader and head of international origination – CRE, at BHI. “We look forward to continuing a long and fruitful relationship with EPIRE.”

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Inside The Story

BHI's Druyan

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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