Updated Dec 4, 2024
Starfield Companies Secures $80M Construction Loan For Surfhouse Asbury Park
1150 Kingsley Street
$80,000,000
Units
226
Asset Type
Development Site
Closing
Jan 9, 2024
About this deal
AI
Starfield Companies has secured an $80 million construction loan from Unity Capital for Surfhouse Asbury Park, a 226-unit multifamily development located at 1150 Kingsley Street in Asbury Park, NJ. This loan allows for the construction of the project, which is set to be a transformative addition to the Asbury Park waterfront district.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $80,000,000
- Lender: Evan Bell - Unity Capital
- Landlord: Starfield Companies
- Brokers: Jon Mikula, Matthew Pizzolato & Ryan Carroll - JLL
The loan financing for Surfhouse Asbury Park was arranged by JLL Capital Markets, with additional equity capital of $21 million raised through CrowdStreet. This collaboration between Starfield Companies, Unity Capital, and JLL Capital Markets highlights the significant support and expertise behind this development project.
On the Map
$80,000,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.20%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93