Updated Sep 24, 2026
Stormfield Capital Provides $10,560,000 Bridge Loan For 24 Condominium Units In Seaside Heights
401 Boulevard
$10,560,000
$183/SF
Building Size
57,500 SF
Asset Type
Condo
Closing
Sep 18, 2026
About this deal
AI
The property involved in this transaction is a condo located at 401 Boulevard, Seaside Heights. It consists of 24 unsold residential condominium units within a completed 57,500 square foot, 36-unit mixed-use building.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $10,560,000
- Loan Type: Bridge
- Loan Terms: 2 years
- Lender: James Weissenborn & Caroline Mahoney - Stormfield Capital
The transaction was facilitated by James Weissenborn and Caroline Mahoney from Stormfield Capital, who provided a bridge loan to refinance the existing construction facility. The funding supports the sponsor in the process of unit sellout.
On the Map
$10,560,000
$183/SF
Condo
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.50%
Cash-on-Cash
-0.43%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93