Plans for One Jones Park at 387 8th St. in Jersey City call for 75 apartments, amenities, ground- and second-floor retail space and a parking garage with a 90-vehicle, electronically controlled automatic stacking system. — Rendering courtesy: BHI
By Joshua Burd
A developer has secured a nearly $39 million construction loan from BHI for a new nine-story, 75-unit condominium building in Jersey City’s Hamilton Park section.
The lender, the U.S branch of Bank Hapoalim B.M., said construction is well underway at what’s known as One Jones Park at 387 8th St. Development firm EPIRE expects to complete the project in December 2025, with plans calling for apartments as well as ground- and second-floor retail space and a parking garage with a 90-vehicle, electronically controlled automatic stacking system.
BHI provided the $38.7 million loan to 387 Eight Holdings LLC, an affiliate of EPIRE.
“BHI is proud to provide financing to a new multifamily development in Jersey City,” said Ilana Druyan, a senior vice president with BHI, team leader and head of international origination for commercial real estate. “We look forward to continuing a long and fruitful relationship with EPIRE.”
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 project in Jersey City’s Powerhouse Arts District, according to a news release. The bank has also provided financing to EPIRE President George Altirs for the construction of 12 single-family homes in Mahwah, while refinancing a warehouse property at 3 Empire Blvd. in South Hackensack.
One Jones Park, meantime, is slated to have 25 one-bedroom, 47 two-bedroom and three three-bedroom units that will place residents minutes from mass transit and the city’s downtown restaurant scene, the news release said. Amenities will include bike storage, a fitness center, a kid’s playroom and an indoor and outdoor residents’ lounge on the rooftop level.
EPIRE added that Altirs and CEO and Founder Alessandro Bonati have extensive development experience, having recently completed luxury residential and commercial real estate projects in the New York metro area and New Jersey.
“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,” Altirs said. “Alessandro and I are thankful for their continued support.”
