JLL Capital Markets said April 19 that it arranged a $42 million construction loan for the development of The Ridge at Readington, a 254-unit apartment community located in Readington.
JLL worked on behalf of the borrower, Larken Associates, to secure the three-year, floating-rate loan through ConnectOne Bank.
The Ridge at Readington, which Larken broke ground on in February, will total 265,918 rentable square feet and consist of one-, two- and three-bedroom units across nine residential buildings with one central amenity clubhouse. Each apartment will feature spacious floorplans with modern design in mind, including engineered hardwood floors, gourmet kitchens with stainless steel appliances, quartz countertops and in-unit washers and dryers.
The Ridge at Readington. – JLL CAPITAL MARKETS
Community amenities will include a 6,700-square-foot clubhouse with a state-of-the-art fitness center, game room, movie screening area, resident lounge with a kitchen and wet bar and an outdoor deck with lounge seating and a swimming pool.
Located at 460 Route 22 W., the property sits in Hunterdon County and is approximately 47 miles from New York City and 62 miles from Philadelphia. The property also benefits from nearby extensive highway infrastructure, being located on the border of Hunterdon and Somerset counties. The area features a well-established employment base that is home to many Fortune 500 companies and includes more than 15.4 million square feet of occupied 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 handled the transaction from inception to closing were Managing Director of Commercial Real Estate for the NJ Market Mark Zurlini and Senior Vice President & Commercial Lending Team Leader Thomas Hatt.
“The Ridge at Readington will be the latest first class apartment community delivered by Larken Associates,” said Cadranell. “Over the past 50 years, the company has consistently delivered high quality residential options throughout the Northern New Jersey and Eastern Pennsylvania region. ConnectOne Bank was able to quickly grasp the merits of the project and the value of establishing a new banking relationship with one of the area’s most active developers. We are certain that The Ridge at Readington will be a great success.”
