JLL arranges home loans of $ 42 million for the Larken community

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JLL capital markets arranged a $ 42 million home loan for a community owned by Larken Associatesannounced this week.

JLL said in a press release that it was working on behalf of the borrower to secure a three-year floating rate loan ConnectOne bank for the Ridge at Readington, a 254 unit complex in Readington.

The community, which is being developed by Larken of Branchburg at 460 US Highway 22 W., includes nine residential buildings and a clubhouse with total rental space of 265,918 square feet in one, two and three bedroom layouts.

The JLL team was led by Jim Cadranell and Steven Klein, Senior Managing Directors, and Max Custer, Director. The ConnectOne Bank team included Mark Zurlini, Managing Director of Commercial Real Estate for the New Jersey market, and Thomas D. Hatt, Senior Vice President and Team Leader Commercial Lending.

“The Ridge at Readington will be Larken Associates’ newest premier apartment complex,” said Cadranell in a prepared statement. “For the past 50 years, the company has consistently delivered high quality housing in northern New Jersey and eastern Pennsylvania.

“ConnectOne Bank quickly saw the merits of the project and the value of establishing a new banking relationship with one of the most active developers in the region.”

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