Designed by Minno & Wasko Architects and Planners, Inspired by Somerset Development’s new LIDO property at 1201 Ocean Ave. North in Asbury Park will have 112 luxury condominiums and nearly 50,000 square feet of amenity spaces. — Rendering by Mr. P Studios/Courtesy: Inspired
By Joshua Burd
Inspired by Somerset Development has closed on two significant loan transactions, securing a combined $246 million in financing for a luxury condominium project in Asbury Park and its acclaimed Bell Works Fort Monmouth campus in Tinton Falls.
The deals, which were both announced this week, were completed with separate lenders and brokerage teams. They include a $186 million construction loan from Madison Realty Capital for what’s known as Lido Oceanfront Residences, the planned 112-unit condo property that’s now rising at 1201 Ocean Ave. North in Asbury Park.
Meridian Capital Group’s David Bollag and James Darling sourced the debt on the developer’s behalf, noting that the project will activate one of the last remaining parcels along the city’s beachfront promenade. Designed by Minno & Wasko Architects and Planners, with interiors by Clodagh Design, the building will have for-sale homes with ocean views and floorplans ranging from one to four bedrooms, with ground-floor retail space and amenities such as a swimming pool, a wellness spa, a fitness center, a private landscaped park and resident lounges.
“Ralph Zucker and the team at Inspired by Somerset are among the most visionary developers in the region, and it was a privilege to arrange the financing for a project of this caliber,” said Bollag, a managing director at Meridian. “Our team moved quickly and worked through every detail of a complex, ground-up construction request to structure and close the loan on the timeline the sponsor needed. This is the kind of execution Meridian is known for.”
In a separate transaction, arranged by Walker & Dunlop, Hudson Bay Capital provided a $60 million bridge loan to Inspired and H.I.G. Realty Partners to refinance the mixed-use Bell Works Fort Monmouth property. That follows the joint venture’s successful bid to reposition the former Commvault headquarters, leveraging the so-called metroburb model that Inspired pioneered at its flagship Bell Works property in Holmdel, which calls for a self-contained metropolis in suburbia that integrates work, life and community into a single space for tenants and visitors alike.
Commvault remains at the property as an anchor tenant alongside Jersey Mike’s Subs, which recently leased 72,326 square feet there for its new headquarters. The 276,900-square-foot campus at 1 Commvault Way also has flexible office spaces, retail, dining, coworking spaces and community-focused amenities.
Walker & Dunlop’s Dustin Stolly, Aaron Appel, Sean Reimer, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Ari Hirt and Stanley Cayre sourced the bridge loan on ownership’s behalf. Murphy Schiller & Wilkes LLP Partner Matthew J. Schiller and Counsel Briana Stackpole represented the lender.
“Bell Works Fort Monmouth is a highly differentiated mixed-use campus that continues to demonstrate strong leasing momentum and long-term value creation,” said Stolly, a senior managing director with Walker & Dunlop’s capital markets institutional advisory group. “The financing recognizes the strength of the asset’s cash flow today while providing flexibility to support its next phase of growth. We’re grateful to Inspired by Somerset, HIG Capital and Hudson Bay Capital for their partnership on this transaction.”
Inspired breaks ground on new luxury condos along Asbury Park coastline
