Larken Associates Secures $42M Loan For Multifamily Property In Readington, NJ - ConnectOne Bank

A three-year, floating-rate loan in the amount of $42,000,000 has been secured for a multifamily property located at 460 U.S. HWY Route 22 West in Readington, NJ. The property consists of 254 units with a total square footage of 265,918. The loan was provided by ConnectOne Bank, with Mark Zurlini and Thomas D. Hatt as representatives of the lender. The landlord of the property is Larken Associates. The transaction was facilitated by brokers Jim Cadranell, Steven Klein, and Max Custer from JLL Capital Markets.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $42,000,000
• Address: 460 U.S. HWY Route 22 West, Readington, NJ
• Market: Readington, NJ
• Lender: ConnectOne Bank - Mark Zurlini & Thomas D. Hatt
• Landlord: Larken Associates
• Brokers: Jim Cadranell, Steven Klein & Max Custer - JLL Capital Markets
• Loan Terms: Three-year, floating-rate loan
• Units: 254
• Square Footage: 265,918

The involvement of Jim Cadranell, Steven Klein, and Max Custer from JLL Capital Markets as brokers further highlights their role in the transaction. Additionally, their expertise and representation played a crucial part in securing the loan from ConnectOne Bank. This deal underscores the active real estate market in Readington, NJ, and the value placed on multifamily properties within the area.