Madison Realty Capital, Cottonwood Group Provide $211M Construction Loan in N.J.

Inspired by Somerset Development has secured $211 million in construction financing to build LIDO Asbury Park, an eight-story, 112-unit luxury condominium on the oceanfront of Asbury Park, N.J., according to a release.

Madison Realty Capital and Cottonwood Group provided the construction debt, with Madison Realty Capital providing $186 million and Cottonwood Group providing $25 million.

Meridian Capital Group‘s David Bollag and James Darling arranged the Madison debt, while the loan provided by Cottonwood Group was arranged by CBRE’s Drew Anderman and AJ Bruno.

The combined debt is the largest construction loan ever secured for a real estate project in Asbury Park, N.J.

“Few sites on the Jersey Shore offer the combination of location, product quality and market demand that LIDO offers,” Josh Zegen, a co-founder and managing principal of Madison Realty Capital, said in a statement.

Located at 1201 Ocean Avenue in Asbury Park, LIDO Asbury Park began launching sales in July 2025 and is expected to finish construction in 2028. The asset will include 50,000 square feet of amenities, including a year-round thermal spa, an oceansided fitness center, an infinity pool with private cabanas, as well as a 27,000-square-foot landscaped sculpture park for residents to peruse. 

“LIDO represents the type of investment opportunity we seek to finance: an exceptional sponsor, a truly irreplaceable location, strong market fundamentals and a best-in-class residential product,” said Mark Green, chief investment officer of Cottonwood Group.

Brian Pascus can be reached at bpascus@commercialobserver.com.