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major development on the Jersey Shore has secured a significant funding boost, with lenders lining up behind the Atlantic Club project in Long Branch. The team led by Stillman International Development raised over $250 million in debt and equity financing, according to Bloomberg. Madison Realty Capital and Unity Capital provided $214 million in debt, while Iron Hound Management, headed by Robert Verrone, arranged the deal.

    The development team at 390 Ocean Avenue includes Stillman, Surrey Equities, and Gotham City Real Estate, working on a 130-unit condominium project just 60 miles from New York City. The financing will enable the project to "get in ground immediately," said Roy Stillman, head of Stillman International Development. The old structure has been demolished, but building permits are still pending for the site, which is one of Monmouth County's last remaining oceanfront plots.

    The Atlantic Club replaces Sea View Towers, an apartment complex that failed a code inspection in 2020 and was subsequently demolished. The new development will feature two residential properties with unit spreads from one- to five-bedroom outlays, along with over 75,000 square feet of amenities, including a yoga studio, music practice room, and business center.

    Sales for the project began late last year and have been robust, with a third of the building already pre-sold. The most notable sale took place when an anonymous buyer paid $6 million for one of the penthouses, setting a record price per square foot at $1,400 in city history. Christie's International Real Estate Group is marketing the project.