facebook
Traded Co logo
Submit
Daily limit: 0/10

Starfield Companies Secures $80M Construction Loan For Surfhouse Asbury Park

Property Image
FINANCED
$80,000,000
Ryan Carroll
Jon Mikula
Matthew Pizzolato

New Jersey

See Similar Deals
Development Site
Financed 01/09/2024
the dealplayerscompscontact
Property Image
FINANCED

Starfield Companies Secures $80M Construction Loan For Surfhouse Asbury Park

1150 Kingsley Street

See Similar Deals
Development Site
Financed 01/09/2024
Ryan Carroll
Jon Mikula
Matthew Pizzolato
the dealplayerscompscontact
Contact now

Summary

NEW JERSEY
Asset Type:Development Site
Transaction Type:Loan

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:

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.

Players

Matthew Pizzolato
CBRE
Matthew Pizzolato
34 deals$1.4B volume(908) 720-0342
BROKER
Jon Mikula
JLL
Jon Mikula
42 deals$1.8B volume(973) 549-2006
BROKER
Ryan Carroll
JLL
Ryan Carroll
25 deals$936.9M volume
BROKER
Unity Capital
Unity Capital
LENDER

Details

FINANCED
IMAGE: Evan Bell, Jon Mikula, Matthew Pizzolato & Ryan Carroll DATE: 01/09/2024 ADDRESS: 1150 Kingsley Street MARKET: Asbury Park ASSET TYPE: Development Site LENDER: Evan Bell - Unity Capital (@UnityCapitalLLC) LANDLORD: Starfield Companies BROKERS: Jon Mikula, Matthew Pizzolato & Ryan Carroll - JLL (@JLL) LOAN AMOUNT: $80,000,000 LOAN TYPE: Construction Loan NOTE: Starfield Companies secured an $80 million construction loan from Unity Capital for Surfhouse Asbury Park, a 226-unit multifamily development in Asbury Park, NJ. An additional $21 million in equity capital was raised through CrowdStreet, with JLL Capital Markets arranging the financing for the project, set to be a transformative addition to the Asbury Park waterfront district. #

Stay in the Know

Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.

By subscribing, you agree to our Terms of Service and Privacy Policy.

Similar Deals

Contact

Get in touch with the broker you want

Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$80,000,000.00

Monthly NOI$533,333.33
Monthly Debt Service$505,654.42
Change in Cash Flow$0.00
Refinance Proceeds$0.00