JLL Capital Markets announced today that it has arranged a $ 42 million home loan for the development of The Ridge at Readington, a 254-unit residential development in Readington, New Jersey.
JLL worked on behalf of borrower Larken Associates to secure the three-year floating rate loan through ConnectOne Bank.
The Ridge in Readington will have a total of 265,918 square feet of rentable space and will consist of one, two and three bedroom units in nine residential buildings and a central clubhouse. Communal facilities include a 6,700 m² clubhouse with a fitness center, games room, movie screening area, lounge with kitchen and wet bar, and an outdoor deck with lounge seating and a swimming pool.
The property is located on 460 US HWY Route 22 West, in Hunterdon County, approximately 47 miles from New York City and 100 miles from Philadelphia, and is adjacent to the Lehigh Valley MSA.
The area has a well-established employment base, home to many Fortune 500 companies, and over 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 consisted of Mark Zurlini, Managing Director of Commercial Real Estate for NJ Market, and Thomas D. 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 able to quickly see the merits of the project and the value of building a new banking relationship with one of the most active developers in the region. We are sure that The Ridge in Readington will be a great success. “
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