Kushner Companies' Westminster Communities Secures $27.1 Million Construction And Acquisition Loan For Wesley Grove At Asbury Park

Kushner Companies' Westminster Communities has secured a $27.1 million construction and land acquisition loan for its Wesley Grove at Asbury Park project in Asbury Park, New Jersey. The financing will be used toward the construction, now underway, of the first units within Phase I of Wesley Grove at Asbury Park, as well as the purchase of additional land involved in the four-phase development. Phase 1 of the development will feature 146 luxury townhomes, condominiums and duplexes in two art deco-inspired buildings, pictured in this Lake Avenue rendering.

Kushner Companies' Westminster Communities has secured a $27.1 million construction and land acquisition loan for its Wesley Grove at Asbury Park project in Asbury Park, New Jersey. Valley National Bank provided the three-year, floating-rate package.

The financing will be used toward the construction, now underway, of the first units within Phase I of Wesley Grove at Asbury Park, as well as the purchase of additional land involved in the four-phase development. Westminster Communities broke ground last fall on the project, which ultimately will include 750 luxury residences.

"Our Phase I construction is advancing, and the financing enables the entire Wesley Grove at Asbury Park project to move forward on schedule," noted Kevin Swill, president of Westminster Capital. "We are extremely pleased with our progress to date. We have more than 600 names on a priority waiting list for Wesley Grove, which demonstrates the demand for luxury housing in Asbury Park. We expect this momentum to build commensurate with the continued renaissance of this famed Jersey Shore community."

"Our bank is excited to be involved in the redevelopment of Asbury Park," said Christopher J. Coiley, first vice president of Valley National Bank. "Ultimately, we feel that this market is going to be revitalized, and the Westminster Communities project will be a major contributor to its progress."

Phase I of Wesley Grove at Asbury Park includes 146 luxury townhomes, condominiums and duplexes on the city's south shore, along two city blocks between Cookman and Lake Avenues. The architectural firm of Minno & Wasko of Lambertville designed the two art-deco inspired structures, which will be finished in brick, stucco and glass.

The buildings will house 100 luxury condominium and duplex units averaging more than 1,280 square feet. Some will feature walkout balconies and roof terraces with views of Wesley Lake and the ocean. Additionally, 46 luxury townhomes will offer 1,600 square feet of living space on two levels and a spacious loft that opens to a rooftop terrace. The Phase I plan also incorporates 10,000 square feet of retail amenities and private garage parking.

The company will open a Sales and Design Center for the luxury residential community this winter at 600 Cookman Avenue. The ground-floor space of the Center will house a theater, where a virtual reality DVD presentation will envision the lifestyle available at Wesley Grove at Asbury Park, highlighting on-site conveniences and regional attractions. The Center will include a scale model of the first building and replicas of the high-tech kitchens and baths that will be featured in the luxury residences. All finishes and upgrades available, including appliances, bath fixtures, cabinets, wall treatments and floorings, will also be on display.

Wesley Grove at Asbury Park is part of the 56-acre Oceanfront Asbury mixed-use waterfront redevelopment, which includes residential, retail and entertainment components. The project is expected to be completed in phases over 10 years, ultimately producing more than $1.25 billion in total economic redevelopment.