$42M construction loan secured to develop The Ridge at Readington
JLL Capital Markets arranged the financing for the property in Hunterdon County, New Jersey
MORRISTOWN, N.J., April 20, 2021 – JLL Capital Markets announced today it has arranged a $42 million construction loan for the development of The Ridge at Readington, a 254-unit apartment community located in Readington, New Jersey.
JLL worked on behalf of the borrower, Larken Associates, to secure the three-year, floating-rate loan through ConnectOne Bank.
The Ridge at Readington will total 265,918 rentable square feet and consist of one-, two- and three-bedroom units across nine residential buildings and 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. 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 U.S. HWY Route 22 West, the property sits in Hunterdon County and is approximately 47 miles from New York City, 62 miles from Philadelphia and immediately bordering the robust Lehigh Valley MSA, which consists of Easton-Bethlehem-Allentown. The Ridge at Readington benefits from the area’s well-known, beautiful landscaping and outdoor recreational activities, including various municipal parks and over 8,000 acres of parkland, vineyards and wildlife.
In addition, the property benefits from an extensive nearby highway infrastructure being located on the border of Hunterdon and Somerset Counties. The area features a well-established employment base, which is home to many Fortune 500 companies and includes over 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 Mark Zurlini, Managing Director of Commercial Real Estate for the NJ Market and Thomas D. Hatt, Senior Vice President & Commercial Lending Team Leader.
“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.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Larken Associates
Larken Associates is a regional leader in commercial and residential real estate building, development and management. Leveraging over 50 years of experience, they are dedicated to bringing great living and working spaces to life through a long-term ownership strategy and full suite of in-house capabilities. With a diverse commercial portfolio consisting of nearly three million square feet and 800 tenants across office, industrial, retail and mixed-use and approximately 2,500 owned and managed residential units across 22 unique communities, Larken Associates’ is deeply committed to the communities in which they work as well as the tenants and residents who call their buildings home.
About ConnectOne Bank
ConnectOne Bank is a full service commercial bank serving the New York and New Jersey markets. Founded in 2005 by local business leaders, ConnectOne offers best in class service with leading technology to build customized financial solutions for small to mid-size business owners and consumers.