Madison Realty, Cottonwood Provide $211M Construction Loan for LIDO Condominiums in Asbury Park

• 1201 Ocean Ave. N., Asbury Park, New Jersey is the site of LIDO Asbury Park, a 112-unit luxury condominium development backed by a $211 million construction loan from Madison Realty Capital and Cottonwood Group.
• The project is being developed by Inspired by Somerset Development and has entered the vertical construction phase, with the North Tower now rising toward a planned 2028 completion.
• LIDO has already set a New Jersey record for the highest-priced condominium sale, with a $7.6 million penthouse, highlighting growing demand for luxury oceanfront residences along the Jersey Shore.

What the Financing Supports

Madison Realty Capital and Cottonwood Group have closed a $211 million construction loan to finance the vertical construction of LIDO Asbury Park, a luxury oceanfront condominium development at 1201 Ocean Ave. N. in Asbury Park. The financing will support construction of the 112-unit project on one of the last remaining undeveloped beachfront parcels along the city's boardwalk. The loan equates to roughly $1.9 million in construction financing per residence, underscoring the scale and premium positioning of the development. The debt was arranged by Meridian Capital Group, where David Bollag and James Darling secured the financing on behalf of developer Inspired by Somerset Development. Construction has already moved into the vertical phase, with structural groundwork complete and the North Tower now rising. Josh Zegen, co-founder and managing principal of Madison Realty Capital, said the project's location and market fundamentals made it a compelling financing opportunity.

"Few sites on the Jersey Shore offer the combination of location, product quality and market demand that LIDO offers."

Mark Green, chief investment officer of Cottonwood Group, said the project reflects the type of development the firm seeks to finance.

"LIDO represents the type of investment opportunity we seek to finance: an exceptional sponsor, a truly irreplaceable location, strong market fundamentals and a best-in-class residential product."

What the Development Includes

LIDO Asbury Park will feature one- to four-bedroom luxury residences with ocean views, ground-floor retail space, and nearly 50,000 square feet of amenities. Residents will have access to a resort-style swimming pool, wellness spa, fitness center, landscaped private park, resident lounges, and additional hospitality-inspired amenities designed to complement the beachfront setting. The project was designed by Minno & Wasko Architects and Planners, with interiors by Clodagh Design and landscape architecture by Melillo Bauer Carman. Corcoran Sunshine Marketing Group is leading sales and marketing for the development.

What Makes LIDO Stand Out

LIDO has already established itself as one of the state's most notable luxury residential developments. Following its sales launch in July 2025, the project recorded a $7.6 million penthouse sale, setting a new record for the highest-priced condominium ever sold in New Jersey. The sale surpassed the previous state record of $6 million. Current pricing begins at approximately $1.035 million, with select residences listed for more than $8 million, reflecting continued demand for luxury waterfront homes in Asbury Park.What This Means for Asbury Park LIDO represents Inspired by Somerset Development's largest ground-up residential project to date. The company, led by Ralph Zucker, is widely recognized for redeveloping former Bell Labs campuses into the mixed-use Bell Works destinations in New Jersey and Illinois. Zucker said the project is intended to redefine luxury living along the Jersey Shore.

"It's a reimagining of what coastal living in New Jersey can be."

With the North Tower now under construction, LIDO remains on track for completion in 2028. As sales continue and construction advances, the development is expected to play a significant role in the continued evolution of Asbury Park as one of the Northeast's premier beachfront residential markets.