The District at 15fifteen, located at 1515 Route 10 in Parsippany, includes 498 residential units and 58,789 square feet of retail space across three buildings. — Courtesy: Stanbery Development Group
By Joshua Burd
The developers of The District at 15fifteen in Parsippany have refinanced the sweeping mixed-use project, securing a $188 million loan in a deal arranged by Cushman & Wakefield.
According to a news release, Affinius provided the floating-rate debt in connection with a plan that includes 498 residential units and 58,789 square feet of retail space across three buildings at 1515 Route 10. That follows the project’s completion by the team of Claremont Development, Stanbery Development Group and PCCP LLC, which transformed what was a defunct office campus with what the brokers hailed as Morris County’s largest mixed-use development.
John Alascio, Chuck Kohaut and Meredith Donovan of Cushman’s debt and structured finance team sourced the financing, representing the borrowers with support from capital markets specialists Niko Nicolaou and Ryan Dowd.
“The significant lender demand for this offering reflected the strength of the sponsorship, the unmatched quality of the asset and the leasing momentum achieved since delivery,” said Kohaut, an executive director at C&W. “The District at 15fifteen has established itself as the premier mixed-use destination in Morris County, and we’re grateful for the opportunity to represent the sponsorship again on this transformative project.”
The brokerage team noted that the development has a mix of market-rate, age-restricted and affordable housing, along with a standalone retail pavilion adjacent to a landscaped pedestrian plaza designed for community events and outdoor activity. Retail tenants include restaurants, fitness operators and service-oriented businesses that serve both residents and the surrounding community, while the property has more than 1,000 parking spaces supporting the full development, as well as amenities such as lounges, fitness centers, coworking areas, pool and outdoor spaces.
The site, which spans 13 acres, benefits from direct access to Interstate 287, Route 202 and Interstate 80. That provides connections to Newark Liberty International Airport, Jersey City, Hoboken and Manhattan, while the property is surrounded by major corporate headquarters and a deep base of retail and dining options.
Long-awaited Parsippany project comes with visions of bustling, downtown-style retail
