A multi-family project under construction near Enos Jones Park is on track to wrap up work next year, as the developer has obtained a new loan to finish the construction.
BHI, the U.S Branch of Bank Hapoalim, recently announced that it has provided $38.7 million in financing to EPIRE towards the construction of One Jones Park. Located at 387 8th Street in Jersey City, the complex will rise nine stories and feature 75 residential units plus ground and second floor retail.
Construction began at the site earlier this year and the complex has continued to rise. The breakdown of the living spaces in the building, when completed, will include 25 one-bedrooms, 47 two-bedrooms, and a trio of three-bedroom units. EPIRE is teaming up with Nest Seekers to handle the sales and marketing on the new development.
One Jones Park will also contain a parking garage equipped with a 90-vehicle, electronically controlled automatic stacking system. Amenities will include a 24-hour doorman, storage, fitness center, kid’s playroom and an indoor and outdoor residents’ lounge on the rooftop level.
“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 EPIRE’s President George Altirs. “[EPIRE CEO and Founder Alessandro Bonati] and I are thankful for their continued support.”
This marks the second transaction between BHI and EPIRE, as the company also secured a $36 million construction loan in 2021 for The Galleria on Provost in the Powerhouse Arts District.
One Jones Park is anticipated to be completed by December of next year.
