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Another luxury Asbury Park waterfront property is ready to get underway after securing construction financing.

JLL Capital Markets announced Jan. 12 it secured an $80 million senior construction loan through Unity Capital on behalf of a venture led by Starfield Cos. for the 226-unit Surfhouse Asbury Park. Additionally, the global commercial real estate and investment management company said $21 million of equity financing was raised on online real estate investment platform CrowdStreet.

Located at 1150 Kingsley St., across from iStar’s Asbury Ocean Club Resort and Residences as well as The Asbury hotel, the six-story, Class A project is set to offer layouts ranging from studio (average 700 square feet) to three-bedroom (average 1,200 square feet) units, along with 3,500 square feet of retail space.

Amenities at the Surfhouse will include a rooftop fire pit with ocean views, a pool, resident lounge and fitness center, JLL said. Additionally, the community will offer a limited number of three-bedroom and four-bedroom rental townhomes that each include a private roof deck and two-car garage.

Starfield Cos. was formed following the March 2023 merger of iStar Inc. and Safehold Inc. and the creation of Star Holdings, the parent company of iStar Residential. According to the company, Starfield was launched, in part, to help complete iStar Residential’s redevelopment efforts in select markets, including Asbury Park. iStar, and now iStar Residential, has been involved in the redevelopment of Asbury Park since 2006.

Last March, iStar announced it was teaming with Toll Brothers, K. Hovnanian and Inspired by Somerset Development for a new phase of projects in Asbury Park representing an estimated $300 million investment. In December, Holmdel-based Inspired by Somerset – of Bell Works fame – closed on the $15 million purchase of a property for its already-approved “ultra luxury” oceanfront condo project. JLL also represented the seller in that deal.

For the Surfhouse financing, the JLL Capital Markets Debt Advisory team was led by Senior Managing Director Jon Mikula, Managing Director Matthew Pizzolato and Associate Ryan Carroll. The Unity Capital team was led by co-founder and Principal Evan Bell and Managing Director Jamie Rubin.

“Unity Capital recognized the quality of the project and sponsorship and stepped up to offer the most attractive terms,” said Pizzolato. “We are excited to be a part of this prominent transaction for Asbury Park as iStar Residential and Starfield continue with their successful development of the Asbury waterfront.”

In a statement, Bell referred to the project as “the next step in Asbury Park’s ongoing renaissance.”

“CrowdStreet is proud to have secured the equity package for SURFHOUSE. Starfield Companies continue to exhibit deep dedication to development in the Asbury Park area, and CrowdStreet investors look forward to the potential of the long-term benefits of this opportunity zone development, ” Ian Formigle, chief investment officer, CrowdStreet, commented.

The property is situated within the Asbury Park Waterfront Redevelopment Area.

According to iStar, the company has spent $300 million transforming a 1.25-mile stretch of space near the sea in Asbury Park. Through collaboration with Asbury Park officials and local businesses, the city has seen a 300% increase in tourism since 2010, according to the master developer.

Editor’s note: This story was updated at 12:37 p.m. ET on Jan. 16, 2023. Based on a press release from JLL, a prior version indicated that the firm represented a joint venture of iStar Residential and Starfield Cos. to secure financing; that information was incorrect and JLL has reissued its press release to reflect it worked on behalf of the sponsor, a venture led by Starfield Cos. Ian Formigle’s quote was also updated to remove reference to iStar, as per the most-recent available information.