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POINT PLEASANT, NJ-When the Lancaster Group bought much of the defunct Point Pleasant Hospital site for $5.25 million at auction back in September, its plans for the property weren’t immediately made known (see earlier story). Now, under a newly formed entity called Point Pleasant Towers LLC, the organization has revealed its intention to convert the site into 123 luxury condominiums.

The 13-acre property was formerly owned by Meridian Corp., which sold it to the city for $3 million. The subsequent auction involved the seven acres that the Lancaster entity will redevelop, with the town retaining the other six acres for conversion into a park.

The proposed condos will border the Manasquan River and canal, and more than 75% of the units will have riverfront views. Roughly 800 feet of bulkhead space will be used to create a marina. Point Pleasant is located in Ocean County on the Jersey Shore.

The sale-at-auction was facilitated by a $3.5-million loan arranged for the Lancaster Group by Kennedy Funding. The Hackensack, NJ-based direct private lender “turned the loan around in just five days, enabling us to acquire the property after we became the winning bidder,” according to Lancaster president/CEO Elliot S. Saltzman.

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