Meridian Capital Secures $186 Million for Asbury Park Luxury Project
Rising on one of the final remaining parcels along the Asbury Park beachfront, the Lido Oceanfront Residences project has secured $186 million in construction financing. The deal, arranged by Meridian Capital Group for developer Inspired by Somerset, marks a significant infusion of capital into the Jersey Shore luxury market.
The loan, provided by Madison Realty Capital, covers the vertical construction of the 1201 Ocean Avenue North development. Designed by Minno & Wasko Architects and Planners, the building will house 112 residential units featuring floor plans ranging from one to four bedrooms. Residents will have access to an extensive amenity suite, including a wellness spa, fitness center, private park, and ground-floor retail space, all positioned with direct views of the Atlantic.
Meridian managing directors David Bollag and James Darling spearheaded the financing, navigating the complexities of a ground-up development to meet the sponsor’s specific timeline. According to Bollag, the project represents a high-caliber addition to the region, highlighting the firm's role in executing large-scale construction debt in a competitive coastal market.
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