HAP Investments, a New York-based international real estate developer that focuses on emerging markets, has raised an initial round of funding for HAP Tower, a 42-story, nearly 800-unit, rental mixed-use building planned for 500 Summit Avenue in Journal Square.
The developer raised $6.8 million through a private placement in Israel of 544 participation units worth $12,500 each. The units cannot be traded and do not appear on any stock exchange. $437 million is needed for the project and another round of funding will take place. The private placement was approved by the Israeli Securities Authority, similar to the SEC.
According to HAP Investments’ portfolio, HAP Tower will be approximately 840,000 square feet and offer 15,000 square feet of retail as well as 200 parking spaces. The tower will rise on the east side of Summit Avenue between Sip and Magnolia Avenues and be a part of the rapidly changing Journal Square skyline. The rental building will also have stunning City views and extremely easy access to the Journal Square Transportation Center.