Cushman & Wakefield advised the joint venture of Claremont Development, Stanbery Development Group and PCCP in procuring $146,550,000 in construction financing for the development of The District at 15fifteen in Parsippany, NJ. The floating-rate loan was provided by New York Life.
A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, Chuck Kohaut, TJ Sullivan and Meredith Donovan represented the borrower in the transaction.
Upon completion, 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,” said Alascio.
Added Kohaut, “We’re grateful for the opportunity to represent this partnership on such an exciting project.”