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

460 U.S. Highway Route 22 West
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This MultiFamily property located in NJ received a loan of $42,000,000 almost 3 years ago. The brokers of the deal were Max Custer, Jim Cadranell, and Steven (Steve) Klein

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.

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Deals
  • Location
    460 W Route 22 Readington, NJ 08870, USA460 W Route 22 Readington, NJ 08870, USA
  • Loan Value
    $42,000,000$42,000,000
  • Asset Type
    MultiFamilyMultiFamily
  • Parties
    3 Brokers, 1 Agency, 1 Lender3 Brokers, 1 Agency, 1 Lender

Agents

Max Custer

Max Custer

Deals23
Financed$556.8M

Jim Cadranell

Jim Cadranell

Deals16
Financed$930.5M

Steven (Steve) Klein

Steven (Steve) Klein

Deals29
Financed$2.1B

Agency

JLL

JLL

Agency
Deals5579
Volume$332.6B

ConnectOne Bank

ConnectOne Bank

Lender
Deals18
Volume$ 219.9B

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Deal Summary

LOAN IMAGE: Jim Cadranell, Steven Klein & Max Custer DATE: 04/20/2021 ADDRESS: 460 U.S. HWY Route 22 West MARKET: Readington, NJ ASSET TYPE: Multifamily LENDER: ConnectOne Bank - Mark Zurlini & Thomas D. Hatt LANDLORD: Larken Associates BROKERS: Jim Cadranell, Steven Klein & Max Custer - JLL Capital Markets LOAN AMOUNT: $42,000,000 LOAN TERMS: three-year, floating-rate loan UNITS: 254 SF: 265,918

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460 U.S. Highway Route 22 West

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