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$211M construction loan backs LIDO Asbury Park condo project in New Jersey
The oceanfront eight-story, 112-unit development at 1201 Ocean Avenue starts sales in July 2025 and is slated to finish construction in 2028.
Commercial Observer reports that Somerset Development secured $211 million in construction financing for LIDO Asbury Park, an eight-story, 112-unit luxury condominium project on the oceanfront in Asbury Park, New Jersey.
The outlet says Madison Realty Capital and Cottonwood Group provided the construction debt, and no broker was listed for the transaction. The project is located at 1201 Ocean Avenue.
According to Commercial Observer, LIDO Asbury Park began launching sales in July 2025, with construction expected to be completed in 2028. The development will include 50,000 square feet of amenities, including a year-round thermal spa and an oceanside fitness center.
Commercial Observer also notes that the asset will feature an infinity pool with private cabanas and a 27,000-square-foot landscaped sculpture park for residents. In comments carried by the outlet, Madison Realty Capital co-founder Josh Zegen and Cottonwood Group chief investment officer Mark Green highlighted the site, product quality, and market demand for the project.