Updated Oct 13, 2026
Inspired By Somerset Development Acquires Oceanfront Condo Development Site In Asbury Park For $15M
$15,000,000
Building Size
—
Asset Type
Development Site
Closing
Dec 18, 2023
About this deal
AI
Inspired by Somerset Development has closed a $15 million sale of an oceanfront condominium development parcel in Asbury Park. The approved project, featuring 155 residences and 9,340 square feet of retail space, aims to create a "villas in the sky" effect, with construction anticipated to begin in 2024.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $15,000,000
- Market: Asbury Park
The buyer of the development site in Asbury Park is Inspired by Somerset Development, represented by Ken Gold from the same company. The seller is Star Holdings. The brokers involved in the deal are J.B. Bruno, Jose Cruz, and Ryan Robertson from JLL.
Players
Market Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.06%
Cash-on-Cash
-0.30%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93