A rendering of The Ridge at Readington, a 254-unit luxury rental property by Larken Associates — Courtesy: Larken/JLL
By Joshua Burd
A developer has secured a $42 million construction loan for a new 254-unit luxury apartment complex in Readington, according to a debt placement team with JLL.
The borrower, Larken Associates, recently broke ground on the project at 460 Route 22 West and is eyeing a summer 2022 delivery. ConnectOne Bank provided the three-year, floating-rate loan for what’s known as The Ridge at Readington, which will be a collection of one-, two- and three-bedroom units across nine buildings.
JLL senior managing directors Jim Cadranell and Steven Klein and Director Max Custer represented the developer.
“The Ridge at Readington will be the latest first-class apartment community delivered by Larken Associates,” Cadranell said. “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.”
The property, which will provide access to New York City, Philadelphia and the Lehigh Valley, will also feature a central 6,700-square-foot clubhouse with a high-end fitness center, a game room and an outdoor deck with lounge seating and a pool.
JLL also touted the surrounding well-established employment base, which 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 ConnectOne Bank team that handled the transaction 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.