The company broke ground late last year for the project, which at build-out will include a total of 750 luxury residences. Valley National Bank provided the three-year, floating rate package.

"Our first phase construction is advancing and the financing will enable the entire project to move forward on schedule," Swill says. "We have more than 600 names on a priority waiting list and we expect this momentum to continue."

The initial phase will consist of a total of 146 luxury townhomes and duplexes on this oceanfront city's south shore, with 100 of the units in the form of townhomes. The architectural firm of Minno & Wasko of Lambertville designed the art deco-style structures. Phase I plans also calls for about 10,000 sf of retail space and a private parking garage. Westminster is also planning on opening a sales and design center later this winter, according to Swill.

"Our bank is excited to be involved in the redevelopment of this city," says Christopher J. Coiley, first vice president of the Wayne-based Valley National Bank. "We feel that ultimately, this market is going to be revitalized, and this project will be a major contributor to that progress."

The larger redevelopment project covers 56 acres along this long-struggling city's Atlantic oceanfront. The overall project is being done by multiple developers under the direction of master developer Asbury Partners. The residential, retail and entertainment components are expected to be built out over the next decade, with a total anticipated investment of more than $1.2 billion, according to Larry Fishman, who heads Asbury Partners.