Somerset Development has secured US$211 million in construction financing for the LIDO Asbury Park project. The development is an eight-storey, 112-unit luxury condominium building planned directly on the coast of Asbury Park, New Jersey. The construction financing was provided jointly by Madison Realty Capital and Cottonwood Group. The transaction was not brokered by an intermediary.
Attractive Location and High Demand
Josh Zegen, Co-Founder and Managing Principal of Madison Realty Capital, emphasised the uniqueness of the location and the property in a statement. Few sites on the Jersey Shore offer a comparable combination of location, product quality, and market demand as LIDO Asbury Park. The project is located at 1201 Ocean Avenue in Asbury Park.
Sales of the LIDO Asbury Park units began in July 2025, and construction is expected to be completed in 2028. The complex will feature over 50,000 square feet of amenities, including a year-round thermal spa, a fitness centre with ocean views, and an infinity pool with private cabanas. Additionally, residents will have access to a 27,000 square foot landscaped sculpture park.
Attractive Investment Profile
Mark Green, Chief Investment Officer of Cottonwood Group, described LIDO Asbury Park as a prime example of an investment opportunity the company seeks to finance. He highlighted that the project is being developed by an exceptional sponsor, is located in an unparalleled setting, exhibits strong fundamentals, and represents a premium residential product.
- —Location: 1201 Ocean Avenue, Asbury Park, New Jersey
- —Project: LIDO Asbury Park, 112 luxury condominiums
- —Completion expected: 2028
- —Financing volume: US$211 million
