Startield Cos. Landed $80 milllion Construction Loan for New Jersey Asbury Park Project.
SURFHOUSE Asbury Park has also raised $21 million through crowdfunding.
A venture led by Starfield Cos., formed after the merger of iStar and Safehold, has secured an $80 million senior construction loan for SURFHOUSE Asbury Park, a 226-unit multifamily project in Asbury Park, N.J. Unity Capital provided the financing, which was arranged by JLL Capital Markets.
Additionally, the developer has raised $21 million in equity on CrowdStreet.
Partners in the project include architecture firm Lessard Design and interior designer Fogarty Finger. The community is expected to come online by the summer of 2025.
The six-story project will feature a variety of floorplans, from studio apartments to three-bedroom layouts, ranging from 700 to 1,200 square feet, along with some 3,500 square feet of retail space and three- and four-bedroom rental townhomes. Common-area amenities will include a 15,000-square-foot courtyard with a swimming pool and expansive deck, as well as a resident lounge, a fitness center, a rooftop fire pit, EV charging stations and some 245 parking spaces.
The property will rise at 1150 Kingsley St., one-block from the Asbury Park Boardwalk and its multiple retail and dining options. The Shoppes at the Arcade shopping mall will be less than a mile away, while downtown Jersey City will be 53 miles northwest. John F. Kennedy International Airport is within 70 miles from the site.
The Unity Capital team that provided the financing was led by Co-founder & Principal Evan Bell and Managing Director Jamie Rubin. The JLL Capital Markets Debt Advisory team included Senior Managing Director Jon Mikula, Managing Director Matthew Pizzolato and Associate Ryan Carroll. In November, Carroll and Mikula were part of the team that secured the financing for a 354-unit development in North Bethesda, Md.
