Meridian Capital Group has successfully arranged $211 million in construction financing for the LIDO Asbury Park, a landmark luxury condominium project currently rising at 1201 Ocean Avenue North in Asbury Park.
The financing, provided by Madison Realty Capital and Cottonwood Group will support the vertical construction of the project, which is being developed by Inspired by Somerset Development. The loan was arranged by CBRE’s Drew Anderman and AJ Bruno.
Situated on one of the few remaining parcels along the city’s famed beachfront promenade, Lido Oceanfront Residences is set to become one of the most significant residential developments on the Jersey Shore. The project will feature 112 high-end residences, ranging from one to four bedrooms, with each unit offering prime ocean views and proximity to the Asbury Park boardwalk.
The development is designed by Minno & Wasko Architects and Planners, with interiors by Clodagh Design. In addition to the residential units, the building will include ground-floor retail space and a comprehensive luxury amenity package, featuring:
- A swimming pool and wellness spa
- A state-of-the-art fitness center
- A private landscaped park
- Resident lounges and social spaces
The loan marks a critical milestone for the project, allowing Inspired by Somerset Development to proceed with vertical construction on the high-profile site.
“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,” David Bollag, managing director at Meridian Capital Group, said. “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.”
As the project nears completion in the coming years, it is expected to further cement Asbury Park’s status as a premier destination for luxury coastal living in New Jersey.
