$100M deal moves Asbury Park step closer to another 226-unit apartment complex

Michael L. Diamond, Asbury Park Press
·2 min read
An artist's rendering of Surfhouse, a 226-unit luxury development expected to open on Kingsley Avenue in Asbury Park the summer of 2025.
An artist's rendering of Surfhouse, a 226-unit luxury development expected to open on Kingsley Avenue in Asbury Park the summer of 2025.

ASBURY PARK - Surfhouse, a new six-story retail and luxury apartment building across the street from the high-end Asbury Ocean Club, is a step closer to getting off the ground after lining up $100 million in financing from two lenders, officials said Thursday.

The Kingsley Avenue project by Starfield Cos. is expected to include 226 rental units ranging from 700-square-foot studios to 1,200-square-foot, three-bedroom apartments. It is scheduled to open in the summer of 2025.

An empty lot off Kingsley Street in Asbury Park is slated the location of 226 multifamily units.
An empty lot off Kingsley Street in Asbury Park is slated the location of 226 multifamily units.

Starfield, a newly formed company, manages projects that were built by iStar, which has overseen much of Asbury Park's redevelopment. Among them: The Asbury Ocean Club, Asbury Lanes bowling alley and concert venue and The Asbury boutique hotel.

Starfield's new development would join a slew of luxury buildings underway whose builders are planning multimillion dollar units with lavish amenities, a transformation for Asbury Park that has some welcoming its economic resurgence and others worried about the potential loss of its character.

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Starfield recently raised more than $100 million for Surfhouse: an $80 million construction loan from New York-based Unity Capital, and $21 million from CrowdStreet, an online platform for private real estate investors. The deal was arranged by JLL Capital Markets.

“We were pleased to provide construction financing for this transformative project, the next step in Asbury Park’s ongoing renaissance," said Evan Bell, Unity's co-founder and principal.

An empty lot off Kingsley Street in Asbury Park is slated the location of 226 multifamily units.
An empty lot off Kingsley Street in Asbury Park is slated the location of 226 multifamily units.

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In addition to the apartments, Surfhouse is expected to include three- and four-bedroom rental townhouses, each of which will have its own roof deck and two-car garage. The development is also expected to include a rooftop fire pit with ocean views, a swimming pool, a lounge and a fitness studio.

The community will include 3,500 square feet of retail space on the ground floor.

New York-based iStar has overseen the residential redevelopment of Asbury Park's waterfront since 2010. It recently merged with Safehold, a real estate investment trust, and created Starfield to help complete its Asbury Park redevelopment projects.

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iStar built projects such as the high-profile Asbury Ocean Club; Monroe, a 34-unit condominium complex on Heck Street; and Vive, 28 townhouses on Kingsley.

It also has sold property to other developers, including land next door to the Wonder Bar to Inspired by Somerset, the company that owns Bell Works in Holmdel. That project, catty-corner to Surfhouse, is being billed as "villas in the sky" — multimillion dollar condominiums with amenities that include wraparound balconies; outdoor grills and fire pits; a spa; a golf simulator; and two pools, one of which will be open year-round.

Michael L. Diamond is a business reporter who has been writing about the New Jersey economy and health care industry for more than 20 years. He can be reached at mdiamond@gannettnj.com.

This article originally appeared on Asbury Park Press: Asbury Park apartment complex could bring 226 units retail space