New York Life Provides $147M Construction Loan for NJ Mixed-Use Project

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A joint venture between Claremont Development, Stanbery Development Group and PCCP has landed $146.6 million in construction financing for The District at 15fifteen, a mixed-use development in Parsippany, N.J., Commercial Observer has learned. 

New York Life provided the floating-rate loan in a transaction arranged by Cushman & Wakefield’s John Alascio, Chuck Kohaut, T.J. Sullivan and Meredith Donovan. 

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When completed, the project will be one of the first large-scale “town center” developments in Morris County’s commercial corridor, comprising 498 residential units, 58,866 square feet of retail space and 1,062 parking spaces. An outdoor central plaza will host social events such as concerts and farmers markets. 

“We are thrilled to have closed on The District at 15fifteen with New York Life,” Jeff Bastow, a partner at Claremont Development, said. “We are extremely proud of this transformative project and appreciate New York Life’s ability to quickly understand the nuances of this multi-phased development.”

As bumpy market conditions continue, navigating the debt playing field is a journey that’s not for the faint of heart. Still, the 15Fifteen loan received hearty competition from interested financiers. 

 “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.

The project boasts 1,000 feet of frontage along Route 10, with ample connectivity to other thoroughfares including Route 202 and Interstates 80 and 287. 

Its residential component’s amenities package is set to include a private pool, a roof deck, multiple fitness centers and simulator rooms, while retail tenants will be setting up shop in a trade area that is devoid of significant competition for the most part. 

 “We’re grateful for the opportunity to represent this partnership on such an exciting project,” C&W’s Kohaut added.

Cathy Cunningham can be reached at ccunningham@commercialobserver.com