The developer behind the iconic Bell Works revitalization in Chicago secured a large building mortgage for a banner condominium undertaking on the Jersey Shore.
Zucker’s Impressed by Somerset Growth snagged a $186 million mortgage from Madison Realty Capital for the event situated at 1201 Ocean Avenue North in Asbury Park, New Jersey.
Meridian Capital Group’s David Bollag and James Darling organized the financing for Zucker’s Impressed by Somerset Growth, the true property advisory agency introduced Wednesday. The development mortgage will fund the vertical growth of the undertaking.
Lido Asbury Park, a rising on Asbury Park’s beachfront promenade, beforehand claimed a record for the most costly condominium sale in New Jersey historical past. In July 2025, a penthouse unit bought for $7.6 million, surpassing the state’s earlier file, a $6 million deal at The Atlantic Membership in Lengthy Department.
The undertaking will ship 112 for-sale residences starting from one to 4 bedrooms, together with ground-floor retail area and an in depth amenity program that features a swimming pool, wellness spa, health heart, non-public landscaped park, and resident lounges. The constructing presents ocean views and direct entry to the Asbury Park waterfront and boardwalk.
Corcoran Sunshine Advertising Group is dealing with the gross sales course of for the advanced, which is anticipated to be accomplished in 2027.
New Jersey-based Impressed by Somerset led the redevelopment of a 1.2 million-square-foot former AT&T headquarters in Hoffman Estates, Illinois, into Bell Works Chicagoland. Zucker purchased the property for $21 million in 2019, a big drop from its $338 million sale in 2005, and has since developed it right into a mixed-use group.
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