The loan, provided by Madison Realty Capital, covers the vertical construction of the 1201 Ocean Avenue North development. Designed by Minno & Wasko Architects and Planners, the building will house 112 residential units featuring floor plans ranging from one to four bedrooms. Residents will have access to an extensive amenity suite, including a wellness spa, fitness center, private park, and ground-floor retail space, all positioned with direct views of the Atlantic.

Meridian managing directors David Bollag and James Darling spearheaded the financing, navigating the complexities of a ground-up development to meet the sponsor’s specific timeline. According to Bollag, the project represents a high-caliber addition to the region, highlighting the firm's role in executing large-scale construction debt in a competitive coastal market.