JLL Capital Markets has arranged a $42 million construction loan for an apartment community being developed by Larken Associates, it announced this week.
JLL said in a news release that it worked on behalf of the borrower to secure a three-year, floating-rate loan through ConnectOne Bank for the Ridge at Readington, a 254-unit complex in Readington.
The community being developed by Branchburg-based Larken at 460 U.S. Highway 22 W. includes nine residential buildings and a clubhouse, totaling 265,918 rentable square feet in one-, two- and three-bedroom layouts.
The JLL team was led by Jim Cadranell and Steven Klein, senior managing directors, and Max Custer, director. The ConnectOne Bank team included Mark Zurlini, managing director of commercial real estate for the New Jersey market, and Thomas D. Hatt, senior vice president and commercial lending team leader.
“The Ridge at Readington will be the latest first-class apartment community delivered by Larken Associates,” Cadranell said in a prepared statement. “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.”
