Real Estate Weekly
Image default
Debt & Equity

HAP fundraising in Israel for Jersey City apartment tower

HAP Investments has raised $6.8 million for its planned Jersey City project, HAP Tower Journal Square.

The money was raised through a private placement in Israel of 544 participation units, each valued at $12,500. These units cannot be traded and are not listed for trading on any stock exchange.

The funds will partially be used to develop the 800-unit tower over the next three-to-four. Total project costs are estimated at $437 million and HAP said another funding round will take place with current investors offered an anti-dilution clause.

The private placement was approved by the Israeli Securities Authority (ISA), an entity similar to the Securities and Exchange Commission (SEC) in the United States.

Related posts

NJ multifamily draws lenders’ interest

REW

Natixis refinances 10 Jay as new tenants sign up

REW

JBA arranges $38M deal for new Greenpoint rental

REW