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Meridian secures $186M construction loan for Asbury Park condo project

The financing will fund vertical construction of Lido Oceanfront Residences, a 112-unit development that includes ground-floor retail and amenities.

Reported · Written up by our desk · Residential

Meridian Capital Group arranged $186,000,000 in construction financing for Lido Oceanfront Residences, a new luxury condominium development in Asbury Park, New Jersey, at 1201 Ocean Ave. N., according to ConnectCRE.

The loan was provided by Madison Realty Capital and arranged by Meridian’s David Bollag and James Darling on behalf of Inspired by Somerset Development. The construction loan is set to fund the project’s vertical development.

Lido Oceanfront Residences will deliver 112 for-sale residences ranging from one to four bedrooms, plus ground-floor retail space. Amenities include a swimming pool, wellness spa, fitness center, a private landscaped park, and resident lounges.

Bollag said the team moved quickly to structure and close the complex, ground-up construction request on the sponsor’s timeline.

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