ASBURY PARK, N.J. (July 17, 2026) – Inspired by Somerset Development, the real estate powerhouse behind the acclaimed Bell Works portfolio, today announced the closing of $211 million financing provided by Madison Realty Capital and Cottonwood Group for LIDO Asbury Park, the Jersey Shore’s most elevated luxury residential offering and one of the most compelling new coastal addresses on the East Coast. The milestone coincides with significant construction progress, with structural groundwork now complete, and the North Tower beginning its vertical ascent. Completion is on track for 2028.
“What we’re building at LIDO isn’t just a response to what the market was asking for. It’s a reimagining of what coastal living in New Jersey can be,” said Ralph Zucker, CEO and President of Inspired by Somerset Development. “Asbury Park has an extraordinary spirit and a deep connection to the sea, and LIDO was designed to honor that while elevating it, creating a place where world-class design, genuine wellness and the best of seaside life can coexist effortlessly.”
Located at 1201 Ocean Avenue in the storied “City by the Sea,” LIDO introduces 112 thoughtfully designed condominium residences to one of the most sought-after coastal enclaves on the East Coast. Since launching sales in July 2025, the project has already set the record for the highest-priced condominium ever sold in New Jersey, a milestone that speaks to the depth of appetite in this market.
“Few sites on the Jersey Shore offer the combination of location, product quality and market demand that LIDO offers,” said Josh Zegen, Co-Founder and Managing Principal of Madison Realty Capital. “Inspired by Somerset Development has built a strong track record of delivering distinctive projects, and LIDO’s early sales performance underscores both the quality of the asset and the strength of the underlying market. We’re pleased to provide this financing and support the project as it enters its next phase of construction.”
“LIDO represents the type of investment opportunity we seek to finance: an exceptional sponsor, a truly irreplaceable location, strong market fundamentals and a best-in-class residential product,” said Mark Green, Chief Investment Officer of Cottonwood Group. “We are pleased to partner with Madison Realty Capital and Inspired by Somerset Development to provide the financing for LIDO Asbury Park and look forward to supporting the successful completion of what we believe will become one of the premier luxury residential communities on the Jersey Shore.”
A New Meaning for Coastal Living in New Jersey
The building is the work of an extraordinary creative team: interiors by the internationally renowned Clodagh Design, architecture by Minno & Wasko Architects and Planners and landscape design by Melillo Bauer Carman. Together, they have conceived a residential vision deeply rooted in its coastal surroundings and entirely of its own moment, grounded in character, craftsmanship and the effortless ease of barefoot luxury.
Residences range from one- to four-bedroom homes spanning approximately 970 to more than 3,800 square feet, each crafted with an emphasis on flow, natural light and modern elegance. Floor-to-ceiling windows frame sweeping panoramas of the Atlantic Ocean, Asbury Park’s celebrated landmarks and the bustling boardwalk, while open-concept layouts are designed to embrace the rhythm of the sea. Most residences offer private outdoor space, and among the 112 homes are 20 of the building’s most exceptional offerings, featuring expansive layouts, premium finishes, private plunge pools and oversized terraces perfectly suited to sunrise-to-sunset living.
Every space reflects an uncompromising attention to detail, from spa-inspired primary bathrooms with custom white oak vanities and radiant heated floors, to kitchens appointed with Taj Mahal natural stone countertops and waterfall island inlays, warm white oak millwork, custom cabinetry with antique brass hardware and fully integrated Miele appliances.
“I’ve watched Asbury Park evolve from a destination people rediscovered on summer weekends into one of the most sought-after residential destinations on the Jersey Shore,” said Jodi Stasse, Senior Managing Director at Corcoran Sunshine Marketing Group. “Buyers aren’t just coming for the shore anymore. They want to live here year-round, and LIDO is the first offering that truly delivers on that promise.”
Year-Round Resort-Style Living
Wellness is a cornerstone of life at LIDO, where nearly 50,000 square feet of indoor-outdoor amenities are designed to inspire renewal, creativity and connection. A dedicated spa suite features an indoor-outdoor saltwater spa pool, hot and cold plunge pools, a Turkish hammam, a Vichy shower and both indoor and outdoor saunas, while the oceanfront fitness center offers state-of-the-art cardio and strength training equipment alongside a dedicated studio for yoga, personal training and meditation. Outdoors, a saltwater swimming pool with a sun shelf and infinity edge is framed by private cabanas and loungers, an alfresco dining suite with a built-in kitchen and a private park complete with firepits, trellised seating areas and a sculpture garden.
Beyond wellness, a curated collection of social and lifestyle spaces invites residents to gather, create and unwind, including a library lounge with fireplace, parlor room, coworking suite, private dining and entertainment suite, screening room, game room, multisport simulator, pet spa and playroom, ensuring there’s something for every member of the household.
Pricing for LIDO Asbury Park starts at $1,035,000, with select residences priced over $8 million. Sales and marketing for the building are exclusively led by Corcoran Sunshine Marketing Group, the industry’s preeminent leader in luxury new development. The powerhouse team brings unparalleled expertise, market intelligence, and a proven ability to sell out transformative, design-forward properties like LIDO.
For more information or to schedule a tour of LIDO Asbury Park, please visit lidoasburypark.com or call 732-782-5436.
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About Inspired by Somerset Development
Inspired by Somerset Development is a leading real estate developer focusing on large-scale transit-oriented and brownfield redevelopment projects, led by a team of principals with more than 40 years of development experience. The company has positioned itself as one of the nation’s foremost real estate firms specializing in innovative mixed-use and adaptive reuse projects, including the planning and development of Traditional Neighborhood Design communities that evoke a strong sense of place and reflect a distinctive character.
With several high-profile, large-scale redevelopment and development projects under construction or in the planning stages, Inspired has earned a quality reputation for its unwavering commitment to excellence through responsible development practices. For more information on Inspired by Somerset Development, contact the company by calling 732-367-2828 or via the company’s new website at inspiredsd.com.
About Corcoran Sunshine Marketing Group
With over 30 years of experience in marketing and collective sales exceeding $60 billion, Corcoran Sunshine Marketing Group is the recognized industry leader in the planning, design, marketing, and sale of luxury residential development. The company offers unparalleled marketing expertise with the additional benefit of The Corcoran Group and its international affiliates’ powerful distribution network. Representing properties throughout the United States and in select international locations, Corcoran Sunshine Marketing Group’s portfolio contains a curated collection of the world’s most desirable new addresses.
About Madison Realty Capital:
Madison Realty Capital is a real estate private credit manager focused on US-based commercial real estate lending strategies. As of December 31, 2025, the firm and its controlled affiliates (collectively, “Madison”) manage $24 billion in assets on behalf of a global institutional investor base. Since 2004, Madison has completed $82 billion of real estate transactions. Madison seeks to deliver value at every phase of the property lifecycle by providing tailored financing solutions to borrowers across the capital stack. To learn more, follow Madison Realty Capital on LinkedIn and visit www.madisonrealtycapital.com.
About Cottonwood Group:
Cottonwood Group is a private equity real estate firm that has served as a trusted investment partner to global institutions, pension funds and family offices since 2012.With a 14-year track record, Cottonwood has invested, transacted or advised on over $7.6 billion in gross assets. Its portfolio spans a variety of asset types and geographies within the U.S. The private equity firm operates through a vertically integrated platform with in-house expertise in origination and investment execution, portfolio and risk management, asset management, capital markets, development and construction. | cottonwoodmgmt.com
