M id A tlantic Real Estate Journal — Owners, Developers & Managers — April 22 - May 19, 2022 — 9C
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O wners , D evelopers & M anagers
JLL Capital Markets arranges sale & $35Macquisition loan for the 138-unit mid-rise community KABR Group purchases 19 East luxury apartments in Bayonne, NJ, for $49.6M
B AYONNE, NJ — JLL Capital Markets , on behalf of KABR Group , announced the $49.6 million sale of 19 East, a 138- unit, mid-rise, luxury apart- ment community in Bayonne. JLL represented the joint venture seller, Ingerman Group and Verde Capital . JLL also advised KABR on the acquisition financing and placed the $35 million fixed- Michael Graves Architecture & Design acquires Waldon Studio Architects PRINCETON, NJ — Michael Graves Archi- tecture (MG) , an award- winning global leader in planning, architecture, and interior design based in Princeton announced the acquisition of Waldon Stu- dio Architects (WSA) , a Maryland-based planning, architecture, and interior design firm. “When approaching this acquisition, we set out look- ing for a company with a deeply rooted set of core values that we share, and we knew right away we had found this in Waldon Studio Architects,” said Joe Furey , president and CEO of MG. “Our teams not only com- plement each other in our design approach and deep market sector knowledge, but also through our shared values, particularly in our devotion to innovation, com- mitment to quality, and unwavering client service.” This combination of brand recognition, aligned values, and commitment to a culture of innovation make for what will be an exciting new chapter for MG that simultaneously honors the firm’s established heritage. Michael Graves, a re - nowned Architect who passed away in 2015, left behind a committed and talented team and an incredible legacy of innovation and design bril - liance in the firm. This acqui - sition will allow the firm to strengthen its expertise across the healthcare, education, and worship sectors. Additionally, the firms will come together in their commitment to sus- tainable design and historic preservation. MAREJ
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 Ken Pasternak , CEO and chairman of KABR Group. The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Jose Cruz, Michael Oliver, J.B. Bruno, Steve Simonelli, Kevin O'Hearn and Austin Pierce. Addition-
ally, Steven Klein, Matthew Pizzolato, Gerard Quinn and Jimmy Cochran led the JLL Capital Markets Debt Advisory team representing the buyer. “Representing one of the first institutional quality as - sets to trade in Bayonne, we were very pleased with the in- terest level from regional and national bidders,” said Cruz. “This deal received a tremen- dous amount of interest from the lending community given the institutional quality spon- sorship,” added Klein. “Kearny Bank ultimately stepped up to provide an extremely attrac- tive, fixed-rate option.” MAREJ
19 E. 19th St.
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