New Asbury Park luxury waterfront multihousing development secures $80M in construction financing

Starfield Cos. has secured $80 million from Unity Capital for SURFHOUSE Asbury Park, a 226-unit, six-story, Class A waterfront multihousing development at the Jersey Shore, according to a Friday announcement from JLL Capital Markets, which helped arrange the loan.

In addition to the construction loan, $21 million of equity financing was raised on CrowdStreet, the nation’s largest online real estate investing platform.

Situated at 1150 Kingsley St., SURFHOUSE Asbury Park is located in the heart of the Asbury Park Waterfront Redevelopment Area, across the street from the Asbury Ocean Club Resort and Residences, the crown oceanfront jewel that sold out at record prices, and the Asbury, the award-winning boutique hotel.

Upon completion, SURFHOUSE Asbury Park will offer a variety of options — from studio apartments averaging approximately 700 square feet to three-bedroom plans averaging 1,200 square feet. The community will also offer a limited number of three-bedroom and four-bedroom rental townhomes, each with its own roof deck and two-car garage. All residents will enjoy a comprehensive amenity package, including a rooftop fire pit with ocean views, expansive amenity deck and pool, as well as a resident lounge and state-of-the-art fitness studio. Additionally, the community will include 3,500 square feet of neighborhood retail space.

The development site is located in one of New Jersey’s 169 Opportunity Zones and is a one-block walk from the iconic Asbury Park Boardwalk, which features a mile of restaurants, bars, curated independent shops and arcades, as well as the beachfront and the Atlantic Ocean.

Commonly recognized for its legendary music scene, the Asbury Park Waterfront is home to Convention Hall and the Paramount Theatre, the Stone Pony, the Wonder Bar, Asbury Lanes and the Danny Clinch Gallery.

Located within walking distance of Asbury Park’s downtown boutique shops and restaurants, the development site is also readily accessible from the major highway arteries serving the metropolitan area, including the Garden State Parkway, Route 33, Route 18, Interstate 195 and Route 35. The Asbury Park Train Station is also minutes to the west, providing access to New York City in slightly over 90 minutes, via New Jersey Transit’s North Jersey Coast rail service.

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,” Pizzolato said. “We are excited to be a part of this prominent transaction for Asbury Park as Starfield continues with its successful development of the Asbury waterfront.”

The Unity Capital team was led by Unity Capital co-founder and Principal Evan Bell and Managing Director Jamie Rubin.

Bell noted: “We were pleased to provide construction financing for this transformative project, the next step in Asbury Park’s ongoing renaissance. We are grateful to the sponsors for the opportunity to partner in the fulfillment of their vision for SURFHOUSE Asbury Park.”

Ian Formigle, chief investment officer, CrowdStreet, continued: “CrowdStreet is proud to have secured the equity package for SURFHOUSE. Starfield Cos. continuesto exhibit deep dedication to development in the Asbury Park area, and CrowdStreet investors look forward to the potential of the long-term benefits of this opportunity zone development.”