Meridian Arranges $186M Financing for Asbury Park Condo Project
Meridian Capital Group arranged $186,000,000 in construction financing for Lido Oceanfront Residences, a new luxury condominium development located at 1201 Ocean Ave. N. in Asbury Park, NJ, on behalf of Inspired by Somerset Development. The loan was provided by Madison Realty Capital and was arranged by Meridian’s David Bollag and James Darling.
Lido Oceanfront Residences will deliver 112 for-sale residences ranging from one to four bedrooms, along with ground-floor retail space and an amenity program that includes a swimming pool, wellness spa, fitness center, private landscaped park, and resident lounges. The construction loan will fund the vertical development of the project.
“Ralph Zucker and the team at Inspired by Somerset are among the most visionary developers in the region, and it was a privilege to arrange the financing for a project of this caliber,” said Bollag. “Our team moved quickly and worked through every detail of a complex, ground-up construction request to structure and close the loan on the timeline the sponsor needed.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout