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Inspired By Somerset Development Acquires Oceanfront Condo Development Site In Asbury Park For $15M
SOLD
$15,000,000
New Jersey
See Similar DealsDevelopment Site
Sold 12/18/2023
SOLD
Inspired By Somerset Development Acquires Oceanfront Condo Development Site In Asbury Park For $15M
Development Site
Sold 12/18/2023
Summary
Asset Type:Development Site
Transaction Type:Sale
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
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$799,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$53,291.84
Cash-on-Cash Return-1.27%
Monthly Debt Service$71,107.65
Annual Debt Service$853,291.83
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