Meridian Capital Group has arranged $186,000,000 in construction financing for Lido Oceanfront Residences, a new luxury condominium project planned along the Asbury Park waterfront. The financing supports the ground-up development of the property at 1201 Ocean Ave. N. in Asbury Park, NJ, and was completed on behalf of Inspired by Somerset Development.
The construction loan was provided by Madison Realty Capital, with Meridian Capital Group serving as the intermediary between the lender and the sponsor. Meridian’s David Bollag and James Darling led the effort to structure and close the financing package, working through what was described as a complex, ground-up construction request.
Lido Oceanfront Residences is planned to deliver 112 for-sale condominium homes, offering a mix of one- to four-bedroom layouts. The residential component is designed as a luxury oceanfront offering, with units positioned to appeal to buyers seeking new product in Asbury Park’s coastal market.
In addition to the residential portion, the plan calls for ground-floor retail space, adding a commercial element at street level that is expected to serve both residents and the surrounding neighborhood. Specific square footages for the retail or residential components were not disclosed in the announcement.
The project’s amenity program, as described by the parties involved, will include a swimming pool, wellness spa, fitness center, private landscaped park, and resident lounges. These amenities are intended to support a high-end living experience within the condominium community and to differentiate the property within the local for-sale residential market.
According to Meridian, the construction loan is designated to fund the vertical development of the project, indicating that the financing will support above-grade building activity for Lido Oceanfront Residences. Details on the loan’s term, rate, and other underwriting metrics were not provided.
Commenting on the transaction, Meridian’s David Bollag highlighted the role of Inspired by Somerset Development and its leadership team in bringing the project forward. He characterized the sponsor, including Ralph Zucker and colleagues, as among the more visionary development groups in the region and noted that Meridian’s team worked quickly to address the detailed requirements of the construction financing request.
Bollag added that the firm focused on structuring the loan to meet the sponsor’s timing needs, ultimately closing the financing on the schedule required for the project to advance. While no construction or delivery timeline for Lido Oceanfront Residences was disclosed, the completion of the financing marks a key step toward moving the oceanfront condominium development into its next phase.
