Madison Realty Capital, Unity Capital Lend $214M for Jersey Shore Condos
By Andrew Coen December 11, 2024 12:19 pm
reprints
An entity formed by developers Stillman Development International, Surrey Equities and Gotham City Real Estate has secured $214 million of construction financing to build a $250 million oceanfront condominium project in New Jersey’s Monmouth County.
Madison Realty Capital and Unity Capital provided the loan to the sponsorship team’s entity, 390 Ocean Owner LLC, to advance its Atlantic Club condo development in Long Branch, N.J. The deal was announced Wednesday morning.
Iron Hound Management arranged the transaction with a team led by Robert Verrone, Richard Cooney and Anthony D’Amelio.
“This project will set the new standard for excellence for all development work in the region, now and into the future,” Roy Stillman, president of Stillman Development International, said in a statement.
Located at 48 Pavilion Avenue, the Atlantic Club is slated for completion in 2026 with 132 condos ranging in size from one to five bedrooms. Property amenities will include a pool, event space, electric vehicle charging stations, a fitness center, a spin studio, a yoga room, a business center, a virtual reality room with sports simulator, a music practice room and a children’s playroom.
“The Atlantic Club will be the pinnacle of beachfront living and set a new bar in the NJ condominium market upon its completion. We are extremely proud to have delivered an exceptional financing package that will help make the developer’s vision a reality.”
“The Atlantic Club will be the pinnacle of beachfront living and set a new bar in the New Jersey condominium market upon its completion,” D’Amelio said in a statement.
Atlantic Club condos are being sold by Christie’s International Real Estate Group.
Sonja Cullaro, executive vice president at Christie’s, said in a statement that the “highly anticipated project” will “redefine oceanfront living in Long Branch.”
Officials at Madison Realty Capital and Unity Capital did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
