PARSIPPANY — The developers of The District at 15Fifteen, a large mixed-use development in Parsippany, have refinanced the project with a $188 million loan arranged by Cushman and Wakefield.
According to a news release, Affinius Capital provided the floating-rate financing for the property, which includes 498 residential units and 58,789 square feet of retail space spread across three buildings at 1515 Route 10. The refinancing follows completion of the project by a development team consisting of Claremont Development, Stanbery Development Group and PCCP LLC, which converted a former office campus into what brokers described as the largest mixed-use development in Morris County.
John Alascio, Chuck Kohaut and Meredith Donovan of Cushman and Wakefield’s debt and structured finance team arranged the financing on behalf of the borrowers, with additional 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 Cushman and Wakefield. “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 development includes a mix of market-rate, age-restricted and affordable housing units, along with a standalone retail pavilion set beside a landscaped pedestrian plaza designed to host community events and outdoor activities. Retail tenants at the property include restaurants, fitness operators and service-oriented businesses catering to both residents and the surrounding community. The site offers more than 1,000 parking spaces, along with amenities including resident lounges, fitness centers, coworking space, a pool and outdoor gathering areas.
Discover Strength, a strength training studio, recently held a ribbon cutting ceremony to celebrate its opening, becoming the first retail tenant to officially open its doors at the development, according to Frank Cahill, Chairman of Parsippany Economic Development.
Several additional tenants are preparing to open in the coming months. On the dining side, those include Kura Revolving Sushi Bar, Burton’s Grill and Bar, Meximodo, Al-Basha, Haraz Coffee House, O’Bagel, Pure Green and Home Town Creamery. In the fitness and wellness category, Yoga Six, Jetset Pilates and The Yard Gym are also expected to open, along with Moxie Salon and Beauty Bar. According to Stanbery Development Group, the retail component of the development is now more than 65 percent leased, with one food and beverage space still available.
The 13-acre property has direct access to Interstate 287, Route 202 and Interstate 80, providing connections to Newark Liberty International Airport, Jersey City, Hoboken and Manhattan. The site is also surrounded by major corporate headquarters and a wide range of retail and dining establishments.
