JUNE 15, 2017– HAP Investments, a New York-based international real estate investment and development company, announced that they have raised $6.8M 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 entity, a limited partnership, is known as HAP Tower Journal Square Limited Partnership.
The funds will partially be used to develop an 800-unit tower in Jersey City, New Jersey, over the next 3 to 4 years. Total project costs are estimated at $437M. In order to fully fund the project, another funding round will take place, and the current investors have an anti-dilution clause, with certain restrictions. The site is located in the heart of Journal Square, Jersey City’s central business district. The site is in close proximity to some of the region’s finest transportation links, including: PATH, Amtrak and bus routes to numerous regional destinations. Future retail shoppers, residents and office workers will also able to access Journal Square through the adjacent local and regional road system.
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. The private placement memorandum was distributed on May 30, 2017.
“We are thrilled with the success of this private placement in Israel and the great confidence shown in HAP Investment’s projects by the international investor community,” said Eran Polack, CEO and Co-Founder of HAP Investments.
“The fundraising process was successfully completed in record time and subscribed to almost immediately.”
The process was guided by the law firm of Naschitz Brandes Amir based in Tel Aviv and the Tel Aviv office of Deloitte.[button href=”http://hap-ny.com” style=”flat” size=”medium” color=”#000000″ target=”_blank”]CONNECT WITH HAP INVESTMENTS [/button]