New luxury waterfront multi-housing development in Asbury Park, NJ secures $80M construction financing

MORRISTOWN, NJ, Jan. 12, 2024 – JLL Capital Markets announced today $80 million construction financing for SURFHOUSE Asbury Park, a 226-unit, six-story, Class A, waterfront multi-housing development located in Asbury Park, New Jersey. JLL worked on behalf of the sponsor, a venture led by Starfield Companies, to secure the senior construction loan from Unity Capital. In addition to the construction loan, $21 million of equity financing was raised on CrowdStreet, the nation’s largest online real estate investing platform.¹

Situated at 1150 Kingsley Street, SURFHOUSE Asbury Park is located in the heart of the Asbury Park Waterfront Redevelopment Area, across the street from the luxurious 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, State Route 33, State Route 18, Interstate I-195 and State Route 35. The Asbury Park Train Station is also minutes to the West, which provides 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,” 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 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 Companies continue to 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.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.

At Unity Capital we put our reputation, experience and focus to work for our clients, adding value to each transaction we undertake. Our construction, bridge and mezzanine loans range in size from $2,000,000 to $100,000,000+ and are designed to give our borrowers the speed and flexibility they need to take advantage of a rapidly changing market. With millions in committed capital, a dedicated team of experienced mortgage professionals and closings within days, Unity Capital can help you achieve your objectives. For more information, please visit www.unitycapitalllc.com.

Starfield Companies thinks about people prior to structures and about spaces before square footage – carefully crafting and curating residential and urban spaces, hotels and businesses that inspire and seamlessly integrate into their respective communities. Founded by Brian Cheripka and David Furgal, the Company provides services related to development and construction, asset management, operations, and property dispositions. Starfield prides itself on its willingness to take on complex projects, fearlessly imagining creative solutions for properties that are interesting and enduring. The Company currently serves as the exclusive manager of Star Holdings’ portfolio in Asbury Park, N.J. and Magnolia Green, V.A. Starfield’s experience in reshaping and reviving neighborhoods stretches back more than two decades, most notably with the Asbury Park redevelopment project, in Asbury Park, New Jersey, spearheaded by real estate investment company iStar Residential. Starfield – delivering vision. For more information, visit starfieldcompanies.com.

As the nation's largest online private real estate investing platform,¹ CrowdStreet provides investors direct access to a range of investment opportunities across various geographies and property types. CrowdStreet is creating a community where investors and experienced real estate firms can work together to expand participation in private real estate. Since launching its Marketplace in 2014, CrowdStreet has democratized access to real estate investing, serving 300k+ investors and exceeding $4B of invested capital through its platform.² Through its Marketplace, experienced real estate sponsors have the potential to achieve their fundraising goals efficiently. Learn more at https://www.crowdstreet.com/.