HAP fundraising for JC 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 are not tradable 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 millin 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.