A joint venture of PCCP, Claremont Development, and Stanbery Development Group has secured $188 million in refinancing for District 15Fifteen, a 498-unit multifamily property in Parsippany, New Jersey. The financing was provided by Affinius Capital and is intended to support the lease-up and stabilisation of the property, which only opened last month. Chuck Kohaut of Cushman & Wakefield was responsible for brokering the transaction.
Attractive Location and Property Quality
David Greenburg, Co-Head of Debt Originations at Affinius Capital, described District 15Fifteen in a statement as a “high-quality asset”. Greenburg highlighted that the Parsippany submarket benefits from “attractive” fundamentals, stemming from a persistent supply shortage in the multifamily and retail sectors. The combination of thoughtful design and an extensive range of amenities in a supply-constrained, well-connected submarket in New Jersey is precisely the type of mixed-use property Affinius Capital seeks to finance.
District 15Fifteen is located at 1515 Route 10 East in Parsippany, an affluent New Jersey suburb approximately 30 miles west of New York City. The complex spans nearly 13 acres of land and comprises three separate buildings.
A four-storey residential building houses 262 units, while a five-storey building includes 236 units. A third building is entirely dedicated to retail. The entire complex features 58,800 square feet of retail space and includes a car park with 853 spaces.
Comprehensive Property Amenities
Amenities at District 15Fifteen include a fitness centre, multiple courtyards, a swimming pool, a rooftop terrace, and a dog spa. This wide range of features contributes to the property's appeal and supports its long-term market stabilisation.
