Meridian Capital Group Arranges $186 Million Construction Loan for Asbury Park Luxury Condo Project

Meridian Capital Group has secured $186 million in construction financing for Lido Oceanfront Residences, a planned luxury condominium development in Asbury Park, New Jersey. The loan was provided by Madison Realty Capital for Inspired by Somerset Development, with Meridian's David Bollag and James Darling arranging the financing.

The project, located at 1201 Ocean Avenue North, will rise on one of the last undeveloped parcels along Asbury Park's beachfront promenade. Lido Oceanfront Residences is set to deliver 112 for-sale units, ranging from one to four bedrooms in size. The development will also include ground-floor retail space and extensive amenities, such as a swimming pool, wellness spa, fitness center, and resident lounges.

The building's design is by Minno & Wasko Architects and Planners, with interiors by Clodagh Design. The construction loan will fund the vertical development of the project, positioning it as a significant new residential undertaking along the Jersey Shore. This financing supports an expansion of high-end residential offerings in the beachfront community.

"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 David Bollag, Managing Director at Meridian Capital Group. "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."

Meridian Capital Group is a commercial real estate advisory firm headquartered in New York, specializing in negotiating debt, equity, sales, and retail leasing on behalf of its clients.