Cushman & Wakefield on Tuesday announced that it served as the exclusive adviser to the joint venture of Claremont Development, Stanbery Development Group and PCCP in the procurement of $146.55 million in construction financing for the development of the District at 15fifteen in Parsippany. The floating-rate loan was provided by New York Life.
A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, Chuck Kohaut, T.J. Sullivan and Meredith Donovan represented the borrower in the transaction.
When complete, the District at 15fifteen will comprise 498 residential units, 1,062 parking spaces and 58,866 rentable square feet of retail space across three buildings, creating a large-scale town center environment along one of Morris County’s premier commercial corridors.
“The District at 15fifteen is a truly unique mixed-use development that commanded a highly competitive capital markets execution despite unprecedented market volatility,” Alascio stated.
“We’re grateful for the opportunity to represent this partnership on such an exciting project,” Kohaut added.
Situated along Route 10 just minutes from Interstate 287, Route 202 and Interstate 80, the District at 15fifteen benefits from exceptional regional connectivity with proximity to a substantial base of major corporations, retailers and lifestyle amenities. The project will feature thoughtfully designed units with high-end finishes and a resort-style amenity package including a private pool, lounge area and roof deck, along with multiple state-of-the-art fitness centers, conference centers and simulator rooms.
“We are thrilled to have closed on the District at 15fifteen with New York Life,” added Jeff Bastow of Claremont Development. “We are extremely proud of this transformative project and appreciate New York Life’s ability to quickly understand the nuances of this multi-phased development.”