Affinius Capital Provides $188M Refi for N.J. Mixed-Use Apartment Complex – Commercial Observer
A joint venture among PCCP, Claremont Development, and Stanbery Development Group has secured $188 million to refinance the District 15Fifteen, a 498-unit multifamily property in Parsippany, N.J., Commercial Observer can first report.
Affinius Capital provided the debt, which will finance the lease-up and stabilization of the property, as it opened only last month. Cushman & Wakefield’s Chuck Kohaut arranged the transaction.
David Greenburg, Affinius Capital’s co-head of debt originations, described District 15Fifteen in a statement as a “high-quality asset” and noted that the Parsippany submarket benefits from “compelling” fundamentals stemming from a persistent lack of supply across the multifamily and retail spaces.
“District 15Fifteen combines thoughtful design and a robust amenity offering in a supply-constrained, transit-oriented New Jersey submarket, exactly the kind of mixed-use property we look to finance,” he said.
Located at 1515 Route 10 East in Parsippany — an affluent New Jersey suburb about 30 miles west of New York City — District 15Fifteen sits on nearly 13 acres of land and features three different buildings.
A four-story residential building holds 262 units, while a five-story building holds 236 units. A third building is devoted entirely to retail.
The entire complex holds 58,800 square feet of retail space and includes an 853-space parking garage. Amenities include a fitness center, multiple courtyards, a pool, a roof deck, and a dog spa.
Brian Pascus can be reached at bpascus@commercialobserver.com.
