Zucker's Lido Asbury Park lands $186M condo construction loan
A nine-figure loan on a 112-unit beachfront condo shows for-sale capital is still flowing to the right Jersey Shore address.
Ralph Zucker’s Lido Asbury Park has secured a $186 million construction loan from Madison Realty Capital, financing a 112-unit oceanfront condominium on the New Jersey shore. In a market where for-sale construction capital is supposed to be scarce, a nine-figure loan on a beachfront condo is a reminder that the right named project in the right submarket still clears.
Why it matters
The deal is a signal for developers weighing for-sale product outside the primary metros. Condo construction financing has been among the hardest capital to raise this cycle, yet a boutique 112-unit project on the Jersey Shore drew $186 million from a major private lender. The read: capital is not frozen, it is selective, and it rewards a differentiated waterfront address with proven pricing power over a generic urban infill site. Location and a track record of premium sales, not just yield, are what unlock the loan.
The numbers
The loan, arranged by Meridian Capital Group’s David Bollag and James Darling, funds Lido Asbury Park at 1201 Ocean Avenue North, developed by Inspired by Somerset Development. The building carries 112 for-sale residences from one to four bedrooms, with a pool, wellness spa, private landscaped park and ground-floor retail. The pricing case is already established: a penthouse sold for $7.6 million in July 2025, a New Jersey condominium record. Corcoran Sunshine is handling sales, with completion expected in 2027.
What’s next
Watch whether the loan pulls comparable Shore and secondary-market condo deals off the sidelines. Asbury Park keeps proving the pattern our best-read coverage confirms, from Bayonne’s WaterWalk financing onward: a specifically named waterfront project in a secondary market punches above its metro. For developers, the takeaway is a capital-availability data point they can take to their own lender, and one more reason to look at the New York region’s outer shoreline rather than its saturated core.