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NJ MF Development Secures $80M
A venture led by Starfield Companies has secured an $80 million construction loan for SURFHOUSE Asbury Park, a waterfront multi-housing development in Asbury Park, NJ. The loan was obtained from Unity Capital. In addition to the construction loan, $21 million of equity financing was raised on CrowdStreet.
The development, located in an opportunity zone, will feature 226 units in a six-story building with a variety of floor plans, including studio apartments, three-bedroom plans, and rental townhomes. The community will offer amenities such as a rooftop fire pit with ocean views, an amenity deck, a pool, a resident lounge, and a fitness studio. Additionally, there will be 3,500 square feet of neighborhood retail space. The project is part of the ongoing redevelopment of the Asbury Park waterfront.
The JLL Capital Markets Debt Advisory team was led by Jon Mikula, Matthew Pizzolato and Ryan Carroll. The Unity Capital team was led by Evan Bell and Jamie Rubin. The CrowdStreet team was led by Ilya Gamer and Fabian Sy. Ian Formigle.
- ◦Financing
