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The project known as SURFHOUSE Asbury Park is slated to bring 226 luxury apartments and townhomes to 1150 Kingsley St. near the city’s iconic waterfront. — Rendering courtesy: JLL
By Joshua Burd
A joint venture has snagged an $80 million construction loan for a project that will bring 226 luxury apartments and townhomes to Asbury Park’s waterfront redevelopment zone.
According to JLL, which arranged the transaction, Unity Capital provided the financing in connection with the parcel at 1150 Kingsley St. The sponsor, a partnership led by Starfield Cos., is now moving ahead with what’s known as SURFHOUSE Asbury Park under a plan that will add to their footprint and to the growing stock of high-end rentals along the city’s iconic coastline.
JLL Senior Managing Director Jon Mikula, Managing Director Matthew Pizzolato and Associate Ryan Carroll sourced the senior construction loan. They noted that the developers have also secured $21 million in equity financing that was raised on CrowdStreet, the nation’s largest online real estate investing platform.
“Unity Capital recognized the quality of the project and sponsorship and stepped up to offer the most attractive terms,” Pizzolato said. “We are excited to be a part of this prominent transaction and the continued successful development of the Asbury Park waterfront.”
Located a block from the city’s historic boardwalk, SURFHOUSE Asbury Park will include apartment options ranging from 700-foot studios on three-bedroom units averaging 1,200 square feet, JLL said in a news release. The six-story property will also have a limited number of three- and four-bedroom rental townhomes, each with its own roof deck and two-car garage.
All residents will have access to amenities such as a rooftop firepit with ocean views, an expansive amenity deck and pool, a resident lounge and a high-end fitness studio. Plans also call for 3,500 square feet of neighborhood retail space.
“We were pleased to provide construction financing for this transformative project, the next step in Asbury Park’s ongoing renaissance,” said Unity Capital Co-Founder and Principal Evan Bell, who led the origination team alongside Managing Director Jamie Rubin. “We are grateful to the sponsors for the opportunity to partner in the fulfillment of their vision for SURFHOUSE Asbury Park.”
JLL noted that SURFHOUSE will be across the street from the Asbury Ocean Club Resort and Residences, the ultraluxury property with condominiums and the boutique hotel known as The Asbury. The site is also a short walk from the Asbury Park Convention Hall, The Paramount Theatre, The Stone Pony, The Wonder Bar and other destinations, while residents will have quick access to highways such as the Garden State Parkway and the Asbury Park train station.
“CrowdStreet is proud to have secured the equity package for SURFHOUSE, the continuation of our sponsor’s deep dedication to development in the Asbury
Park waterfront,” said Ian Formigle, chief investment officer of CrowdStreet. “CrowdStreet investors look forward to the potential of the long-term benefits of this Opportunity Zone development.”
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