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.