JLL Capital Markets arranges $ 42 million home loan for The Ridge in Readington

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JLL Capital Markets announced on April 19 that it had arranged a $ 42 million home loan for the development of The Ridge at Readington, a 254-unit residential development in Readington.

JLL worked on behalf of borrower Larken Associates to secure the three-year floating rate loan through ConnectOne Bank.

The Ridge in Readington, where Larken broke ground in February, will have a total of 265,918 square meters of lettable, one-, two- and three-bedroom units in nine residential buildings with a central clubhouse. Each apartment will have spacious floor plans with a contemporary design, including hardwood floors, gourmet kitchens with stainless steel appliances, quartz countertops, and washers and dryers in the unit.

The ridge at Readington. – JLL CAPITAL MARKETS

Communal facilities include a 6,700-square-foot clubhouse with a state-of-the-art fitness center, game room, movie screening area, resident lounge with kitchen and wet bar, as well as an outdoor deck with lounge seating and a swimming pool.

The property is located on 460 Route 22 W. in Hunterdon County and is approximately 47 miles from New York City and 100 miles from Philadelphia. The property also benefits from extensive motorway infrastructure nearby as it is on the border of Hunterdon and Somerset counties. The area has a well-established employment base that is home to many Fortune 500 companies and includes more than 15.4 million square feet of office space within a 10 mile radius.

The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Jim Cadranell and Steven Klein and Director Max Custer. The ConnectOne Bank team that managed the transaction from inception to completion was Mark Zurlini, Managing Director Commercial Real Estate for the New Jersey market, and Thomas Hatt, Senior Vice President & Commercial Lending Team Leader.

“The Ridge at Readington will be Larken Associates’ newest premier apartment complex,” said Cadranell. “For the past 50 years, the company has consistently delivered high quality housing options throughout the Northern New Jersey and Eastern Pennsylvania area. ConnectOne Bank was quick to see the merits of the project and the value of establishing a new banking relationship with one of the most active developers in the region. We are sure that The Ridge at Readington will be a great success. “

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