Atlantic Club Project Lands Large Debt Package

With a record sale already in its backpocket, it was only a matter of time before lenders lined up behind a major development on the Jersey Shore.

A team led by Stillman International Development scored more than $250 million in debt and equity financing for the Atlantic Club, a project in Long Branch, Bloomberg reported. The financing includes $214 million in debt provided by Madison Realty Capital and Unity Capital. Iron Hound Management, headed by Robert Verrone, arranged the deal.

The development team at 390 Ocean Avenue includes Stillman, Surrey Equities and Gotham City Real Estate. They are working on a 130-unit condominium project in a city that’s only a 60-mile trip from New York City.

The financing will help the project “get in ground immediately,” Stillman head Roy Stillman said in a statement. The old structure on the property has been demolished, but the developers are still seeking building permits for their project, set to unfold on one of Monmouth County’s last remaining oceanfront plots.

It’s replacing Sea View Towers, an apartment complex on the water that failed a code inspection in 2020, according to city officials, leading to its demolition.

The developers are constructing two residential properties for the site, which will feature unit spreads from one- to five-bedroom outlays. There will also be more than 75,000 square feet of amenities, including a yoga studio, music practice room and business center.

While the Atlantic Club is not expected to open to residents until 2026, sales began late last year and have been robust. A third of the building is already pre-sold, according to Stillman. Christie’s International Real Estate Group is marketing the project.

The most notable of those sales took place a few months ago, when an anonymous buyer put down $6 million for one of the project’s penthouses. Working out to $1,400 per square foot, it’s the highest price paid for a condo in city history, according to Stillman.
— Holden Walter-Warner

This article has been updated to include that Robert Verrone’s Iron Hound Management arranged the financing, and that Christie’s International Real Estate Group is listing the units.