Inspired by Somerset Development secures $211m financing package for LIDO Asbury Park

Asbury Park, NJ Inspired by Somerset Development closed a $211 million financing provided by Madison Realty Capital and Cottonwood Group for LIDO Asbury Park. The milestone coincides with construction progress, with structural groundwork now complete, and the North Tower beginning its vertical ascent. Completion is on track for 2028.

“What we’re building at LIDO isn’t just a response to what the market was asking for. It’s a reimagining of what coastal living in New Jersey can be,” said Ralph Zucker, CEO and president of Inspired by Somerset Development. “Asbury Park has an extraordinary spirit and a deep connection to the sea, and LIDO was designed to honor that while elevating it, creating a place where world-class design, genuine wellness and the best of seaside life can coexist effortlessly.”

Located at 1201 Ocean Ave., LIDO introduces 112 condominium residences. Since launching sales in July 2025, the project has already set the record for the highest-priced condominium ever sold in New Jersey.

“Few sites on the Jersey Shore offer the combination of location, product quality and market demand that LIDO offers,” said Josh Zegen, co-founder and managing principal of Madison Realty Capital. “Inspired by Somerset Development has built a strong track record of delivering distinctive projects, and LIDO’s early sales performance underscores both the quality of the asset and the strength of the underlying market. We’re pleased to provide this financing and support the project as it enters its next phase of construction.”

“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. “We are pleased to partner with Madison Realty Capital and Inspired by Somerset Development to provide the financing for LIDO Asbury Park and look forward to supporting the successful completion of what we believe will become one of the premier luxury residential communities on the Jersey Shore.”

The building is the work of a team: interiors by Clodagh Design, architecture by Minno & Wasko Architects and Planners and landscape design by Melillo Bauer Carman.

Residences range from one- to four-bedroom homes spanning 970 to more than 3,800 s/f. Floor-to-ceiling windows views of the Atlantic Ocean, Asbury Park’s celebrated landmarks and the boardwalk, with open-concept layouts. Most residences offer private outdoor space, and among the 112 homes are 20 of the building’s offerings, featuring premium finishes, private plunge pools and oversized terraces.

“I’ve watched Asbury Park evolve from a destination people rediscovered on summer weekends into one of the most sought-after residential destinations on the Jersey Shore,” said Jodi Stasse, senior managing director at Corcoran Sunshine Marketing Group. “Buyers aren’t just coming for the shore anymore. They want to live here year-round, and LIDO is the first offering that truly delivers on that promise.”

Wellness is a cornerstone of life at LIDO, where nearly 50,000 square feet of indoor-outdoor amenities are designed to inspire renewal, creativity and connection. A dedicated spa suite features an indoor-outdoor saltwater spa pool, hot and cold plunge pools, a Turkish hammam, a Vichy shower and both indoor and outdoor saunas, while the oceanfront fitness center offers state-of-the-art cardio and strength training equipment alongside a dedicated studio for yoga, personal training and meditation. Outdoors, a saltwater swimming pool with a sun shelf and infinity edge is framed by private cabanas and loungers, an alfresco dining suite with a built-in kitchen and a private park complete with firepits, trellised seating areas and a sculpture garden.

Beyond wellness, a curated collection of social and lifestyle spaces invites residents to gather, create and unwind, including a library lounge with fireplace, parlor room, coworking suite, private dining and entertainment suite, screening room, game room, multisport simulator, pet spa and playroom, ensuring there’s something for every member of the household.

Pricing for LIDO Asbury Park starts at $1,035,000, with select residences priced over $8 million. Sales and marketing for the building are exclusively led by Corcoran Sunshine Marketing Group, the industry’s preeminent leader in luxury new development. The powerhouse team brings unparalleled expertise, market intelligence, and a proven ability to sell out transformative, design-forward properties like LIDO.