The developer behind the iconic Bell Works revitalization in Chicago secured an enormous development mortgage for a banner condominium venture on the Jersey Shore.
Zucker’s Impressed by Somerset Improvement snagged a $186 million mortgage from Madison Realty Capital for the event positioned at 1201 Ocean Avenue North in Asbury Park, New Jersey.
Meridian Capital Group’s David Bollag and James Darling organized the financing for Zucker’s Impressed by Somerset Improvement, the actual property advisory agency introduced Wednesday. The development mortgage will fund the vertical improvement of the venture.
Lido Asbury Park, a rising on Asbury Park’s beachfront promenade, beforehand claimed a record for the most costly condominium sale in New Jersey historical past. In July 2025, a penthouse unit bought for $7.6 million, surpassing the state’s earlier report, a $6 million deal at The Atlantic Membership in Lengthy Department.
The venture will ship 112 for-sale residences starting from one to 4 bedrooms, together with ground-floor retail area and an intensive amenity program that features a swimming pool, wellness spa, health heart, non-public landscaped park, and resident lounges. The constructing gives ocean views and direct entry to the Asbury Park waterfront and boardwalk.
Corcoran Sunshine Advertising and marketing Group is dealing with the gross sales course of for the complicated, which is anticipated to be accomplished in 2027.
New Jersey-based Impressed by Somerset led the redevelopment of a 1.2 million-square-foot former AT&T headquarters in Hoffman Estates, Illinois, into Bell Works Chicagoland. Zucker purchased the property for $21 million in 2019, a major drop from its $338 million sale in 2005, and has since developed it right into a mixed-use group.
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