Unity Capital Lends $80M to Build Asbury Park Multifamily Project
Starfield Companies’ Surfhouse Asbury Park will include 226 units on the famous boardwalk
By Brian Pascus January 9, 2024 2:42 pm
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Starfield Companies has secured an $80 million construction loan to finance Surfhouse Asbury Park, a 226-unit multifamily development in Asbury Park, N.J., Commercial Observer has learned.
An additional $21 million of equity capital for the project was raised through CrowdStreet, an online real estate investing platform.
Unity Capital, a New York-based real estate lender, provided the construction financing. The JLL Capital Markets debt advisory team of Jon Mikula, Matthew Pizzolato and Ryan Carroll arranged the financing on behalf of Starfield.
“Unity Capital recognized the quality of the project and sponsorship and stepped up to offer the most attractive terms,” said Pizzolato in a statement. “We are excited to be a part of this prominent transaction and the continued successful development of the Asbury Park waterfront.”
Unity Capital co-founder and principal Evan Bell said in a statement that his firm views Surfhouse in Asbury Park as a “a transformative project” that will contribute to the city’s “ongoing renaissance.”
“We are grateful to the sponsors for the opportunity to partner in the fulfillment of their vision for Surfhouse Asbury Park,” Bell added.
Located at 1150 Kingsley Street, within the Asbury Park Waterfront district and steps from the Asbury Park Beach, Surfhouse Asbury Park will feature apartments ranging from studios to three-bedrooms. The development will also include several three-bedroom and four-bedroom townhome rentals with private roof decks and two-car garages. The property is to feature 3,500 square feet of retail as well.
Surfhouse Asbury Park is one block from the famous Asbury Park Boardwalk, a 19th century walkway that has been redeveloped over the years and now features a mile of restaurants, shops and bars on one side, and the beach sands of the Atlantic Ocean on the other. Other nearby neighborhood landmarks include the 3,600-seat Asbury Park Convention Hall and the historic Paramount Theatre, both built in the late 1920s. The development also benefits from easy access to the Garden State Parkway and Interstate I-95, with New York City roughly an hour’s drive away.
Brian Pascus can be reached at bpascus@commercialobserver.com
