Plans for The District at 15fifteen in Parsippany call for 498 residential units, 1,062 parking spaces and 58,866 square feet of retail space across three buildings. — Rendering courtesy: Cushman & Wakefield
By Joshua Burd
A development team has secured nearly $147 million in construction financing for a project that will bring some 500 new apartments and retail space to Parsippany, revitalizing the former site of a defunct office complex on Route 10.
According to Cushman & Wakefield, which arranged the debt, New York Life provided the floating-rate loan to the joint venture of Claremont Development, Stanbery Development Group and PCCP. The financing will support what’s known as The District at 15fifteen, a development that aims to create a sort of town center in the sprawling municipality, with 498 residential units, 1,062 parking spaces and 58,866 square feet of retail space across three buildings.
Cushman’s John Alascio, Chuck Kohaut, TJ Sullivan and Meredith Donovan represented the borrower in the $146.55 million transaction.
“The District at 15fifteen is a truly unique mixed-use development that commanded a highly competitive capital markets execution despite unprecedented market volatility,” Alascio said.
Kohaut added: “We’re grateful for the opportunity to represent this partnership on such an exciting project.”
Located on Route 10 East near the Dryden Way intersection, the site was once home to the Intel Corporate Center, a 288,742-square-foot complex that became part of Parsippany’s overbuilt inventory of outdated office space. The property is minutes from Interstate 287, Route 202 and Interstate 80, making it a compelling redevelopment opportunity when it came available nearly a decade ago.
When complete, The District at 15fifteen will also benefit from its proximity to a substantial base of major corporations, retailers and lifestyle amenities, according to a news release. The project will feature upscale apartments and resort-style amenities, including a private pool, a lounge area and a roof deck, plus multiple fitness centers, conference centers and simulator rooms.
“We are thrilled to have closed on ‘The District at 15fifteen’ with New York Life,” Claremont Development’s Jeff Bastow said. “We are extremely proud of this transformative project and appreciate New York Life’s ability to quickly understand the nuances of this multiphased development.”