FINANCED
Starfield Companies Secures $80M Construction Loan For Surfhouse Asbury Park
1150 Kingsley Street
Development Site
Financed 112 days ago
Summary
Loan
NEW JERSEY
Development Site
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.
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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.
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