The developer behind the iconic Bell Works revitalization in Chicago secured a massive construction loan for a banner condo project on the Jersey Shore.
Zucker’s Inspired by Somerset Development snagged a $186 million loan from Madison Realty Capital for the development located at 1201 Ocean Avenue North in Asbury Park, New Jersey.
Meridian Capital Group’s David Bollag and James Darling arranged the financing for Zucker’s Inspired by Somerset Development, the real estate advisory firm announced Wednesday. The construction loan will fund the vertical development of the project.
Lido Asbury Park, a rising on Asbury Park’s beachfront promenade, previously claimed a record for the most expensive condominium sale in New Jersey history. In July 2025, a penthouse unit sold for $7.6 million, surpassing the state’s previous record, a $6 million deal at The Atlantic Club in Long Branch.
The project will deliver 112 for-sale residences ranging from one to four bedrooms, along with ground-floor retail space and an extensive amenity program that includes a swimming pool, wellness spa, fitness center, private landscaped park, and resident lounges. The building offers ocean views and direct access to the Asbury Park waterfront and boardwalk.
Corcoran Sunshine Marketing Group is handling the sales process for the complex, which is expected to be completed in 2027.
New Jersey-based Inspired by Somerset led the redevelopment of a 1.2 million-square-foot former AT&T headquarters in Hoffman Estates, Illinois, into Bell Works Chicagoland. Zucker bought the property for $21 million in 2019, a significant drop from its $338 million sale in 2005, and has since developed it into a mixed-use community.
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