A major construction loan has been secured for a beachfront condominium development on the New Jersey shore, according to The Real Deal. Inspired by Somerset Development, led by developer Ralph Zucker, obtained a $186 million loan from Madison Realty Capital to fund vertical construction at 1201 Ocean Avenue North in Asbury Park, New Jersey. The financing was arranged by David Bollag and James Darling of Meridian Capital Group. The project, known as Lido Asbury Park, is positioned along the city’s beachfront promenade. Zucker is recognized for his work on the Bell Works adaptive reuse project. The loan is designated specifically for the vertical phase of construction.
ParkPoint Perspective
A $186 million construction commitment on the Jersey Shore reflects sustained lender confidence in supply-constrained coastal markets where new beachfront supply remains structurally limited. For investors, this signals that institutional capital still views luxury residential in select New Jersey coastal submarkets as financeable — even in a tighter credit environment. The vertical construction focus also underscores execution risk as the primary variable at this stage; the quality and pace of delivery will likely determine whether pricing assumptions hold in an evolving rate landscape.
Source: The Real Deal