A large revitalization effort that will build both a new multi-family building complex plus townhomes just off the beach in Asbury Park has officially secured a loan to fund its construction.
JLL Capital Markets has announced $80 million in construction financing for Surfhouse Asbury Park, a 226-unit Class A multi-housing venture by Starfield Companies. The loan was secured through Unity Capital in addition to $21 million of equity financing that was raised on CrowdStreet, the nation’s largest online real estate investing platform.
Jersey Digs initially reported on the project back in 2021. It will consolidate 14 concurrent lots that span from 3rd Avenue to 4th Avenue along Kingsley Street and redevelop the entire currently vacant stretch.
Designed by Virginia-based Lessard Design, Surfhouse Asbury Park will offer studio apartments averaging approximately 700 square feet to three-bedroom plans averaging 1,200 square feet. The main multi-family portion will include 206 units and rise six stories, also including 3,500 square feet of neighborhood retail space on the ground floor.
Townhomes will be built on land just west towards Bergh Street as part of the project and will feature four separate four-story buildings with 20 three-bedroom and four-bedroom rental townhomes.
All residents will have access to a comprehensive amenity package that includes a rooftop fire pit with ocean views, expansive amenity deck and pool, and a resident lounge with state-of-the-art fitness studio.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Jon Mikula, Managing Director Matthew Pizzolato and Associate Ryan Carroll.
“Unity Capital recognized the quality of the project and sponsorship and stepped up to offer the most attractive terms,” said Pizzolato. “We are excited to be a part of this prominent transaction for Asbury Park as Starfield continues with their successful development of the Asbury waterfront.”
The development site is in one of New Jersey’s 169 opportunity zones and is a one-block walk from the Asbury Park Boardwalk and the Atlantic Ocean. A groundbreaking date for the project has not yet been announced.
The financing deal for Surfhouse comes on the heels of another revitalization project in Asbury Park moving forward, as a finalized property sale has cleared the way for a 155-unit development to rise on several parking lots next to Wonder Bar.
