Developers are seeing to build more than 130 residences at the Atlantic Club in Long Branch, New Jersey. Source: Williams New York By Paulina Cachero December 10, 2024 at 5:50 PM EST Updated on December 11, 2024 at 10:01 AM EST A luxury condo project on the Jersey Shore secured more than $250 million in debt and equity financing as the developers seek to build more than 130 residences. The financing deal for the Atlantic Club includes $214 million in debt from Madison Realty Capital and Unity Capital to build the oceanfront project in Long Branch, New Jersey, according to Roy Stillman, president of Stillman Development International. The project started sales in late 2023, and recently notched a record with a penthouse transaction going for $5.95 million — the most expensive condo sale in New Jersey’s Monmouth County, according to Stillman. The new development is located just under 60 miles (97 kilometers) from New York City, in a beachfront city where Bruce Springsteen was born. It’s part of a larger makeover on Jersey Shore real estate in recent years. Kushner Cos., the real estate firm formerly run by Donald Trump’s son-in-law Jared Kushner, is developing a major project just a few blocks away at Pier Village, a beachfront area with stores, restaurants, hotels and residences. The Atlantic Club is being developed by an entity backed by Stillman Development International, Surrey Equities and Gotham City Real Estate. The project will feature two residential towers and more than 75,000 square feet (6,970 square meters) of indoor and outdoor amenities. The project is expected to open to residents at the end of 2026. The residences range from one-to-five bedroom units. Amenities include a yoga studio, music practice room and business center. “There is an untapped demand for a world-class condominium experience here on the Jersey Shore and the project’s sales velocity bears this out,” Stillman said in a statement. About a third of the project has pre-sold already, Stillman said. The developers have demolished the old structure on the property and are working to secure building permits, he added. “With the closing of the financing, we’re prepared to get in ground immediately,” Stillman said.