JLL Capital Markets announced 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.