Building upon the thousands of multifamily units already in its portfolio, KABR Group has added a mid-rise luxury apartment community situated in Bayonne’s commercial district along the Hudson Waterfront.
The vertically integrated, private equity real estate firm announced on March 17 that it purchased 19 East for $49.6 million from joint venture seller Ingerman Group and Verde Capital. JLL represented the seller and also advised Ridgefield Park-based KABR on acquisition financing for the purchase, placing a $35 million fixed-rate loan with Kearny Bank.
“This asset represents a tremendous value proposition for renters looking for a new building with best-in-class amenities while also located in a rapidly evolving millennial neighborhood, competitive with the best Hudson County and NYC has to offer,” said KABR Group Chairman and CEO Ken Pasternak in a prepared statement.
Located at 19. E. 19th St. — one block from the Hudson-Bergen Light Rail Station — 19 East is a six-story building offering 138 studios, one- and two-bedroom residences with hardwood flooring, designer finishes, stainless steel appliances, washer and dryer, walk-in closets and more. Amenities at the property include garage parking, a fitness center, two furnished outdoor terraces and business center on each floor.
On top of walkability in the area, which offers retail and dining options, PATH service connects residents to Jersey City, Hoboken and lower Manhattan. additionally, it is proximate to Interstate 78 and a short drive from Newark Liberty International Airport.
“Representing one of the first institutional quality assets to trade in Bayonne, we were very pleased with the interest level from regional and national bidders,” said Jose Cruz, who, along with Michael Oliver, J.B. Bruno, Steve Simonelli, Kevin O’Hearn and Austin Pierce, was part of the JLL Capital Markets Team that represented the seller.
According to Steven Klein, who led the JLL Capital Markets team representing the buyer with Matthew Pizzolato, Gerard Quinn and Jimmy Cochran, the deal generated a good deal of interest in the lending community, due to its “institutional quality sponsorship.”
“Kearny Bank ultimately stepped up to provide an extremely attractive, fixed-rate option,” he said.