Kasowitz Represents Cottonwood Group in $211 Million Construction Loan for Ultra-Luxury Condo Development in Asbury Park, NJ

Kasowitz represented Cottonwood Group, a Los Angeles-based private equity real estate investment firm, in the closing of a combined $211 million financing with Madison Realty Capital to Inspired by Somerset Development, a New Jersey-based real estate development company, for the construction of a 112-unit ultra-luxury condominium project in Asbury Park, New Jersey.  The beachfront development, known as Lido Asbury Park, will include residences ranging from one- to four-bedroom units, along with ground-floor retail space, swimming pool, wellness spa, fitness center, private landscaped park, and resident lounges.

The Kasowitz team representing Cottonwood Group was led by real estate transactions partner Darwin Huang and includes partner Matthew S. McElroy and associates Kathleen M. Maurer, Jason Re, and Amanda Bradley.

Select news coverage:

• Commercial Observer: Madison Realty Capital, Cottonwood Group Provide $211M Construction Loan in N.J. (subscription required)
• The Real Deal: Ralph Zucker’s luxury condo development in Asbury Park snags $211M loan
• NJBIZ: Lido Asbury Park lands $211M construction financing