The basics:

• District 15fifteen in Parsippany secures $188M refinancing
• Loan will support lease-up, stabilization of the mixed-use project
• Development features 498 apartments, nearly 59K SF of retail
• Affinius Capital provided financing for the Claremont-led venture

Transformative mixed-used development District 15fifteen in Parsippany has secured a $188 million refinancing.

Newly delivered, the “live-shop-dine” property includes 498 apartments along with 58,789 square feet of retail space across three buildings.

Cushman & Wakefield said Wednesday it represented the borrowers, a joint venture of Morristown-based Claremont Development, Stanbery Development Group and PCCP LLC, to secure the funds. Affinius Capital provided the floating-rate loan.

Located at 1515 Route 10, the approximately 13-acre property formerly served as the Intel Corporate Center. An affiliate of Stanbery acquired the property for $14.1 million in 2015. The turnaround shines a light on the potential from redeveloping outdated and underutilized space and underscores mixed-use and multifamily momentum across Morris County.

Construction began on District 15fifteen in 2023. The community includes market-rate, age-restricted and affordable housing. A standalone retail pavilion sits adjacent to a landscaped pedestrian plaza designed for activation.

“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,” commented Cushman & Wakefield Executive Director Chuck Kohaut.

In its July 8 announcement, Affinius said the proceeds will go toward completing lease-up and stabilization of the property.

Affinius Capital Co-Head of Debt Originations David Greenburg described the community as exactly the kind of mixed-use project his company seeks.

“District at 15Fifteen combines thoughtful design and a robust amenity offering in a supply-constrained, transit-oriented New Jersey submarket … This transaction reflects our continued focus on selectively deploying capital into high-quality assets located in fundamentally strong markets with compelling long-term investment characteristics,” Greenburg said.

A closer look

Apartment floorplans include studio, one- and two-bedroom layouts. Resident amenities include two swimming pools, sports simulator, coworking space, children’s playrooms and pet spas.

According to the most-recent announcement from Stanbery, the retail component at the community hit 65% leased. The seven new agreements totaled 12,849 square feet. The company described the commercial mix as anchored by dining and lifestyle options.

The overall retail lineup at District 15fifteen includes:

Dining

• O’Bagel
• Pure Green
• Hometown Creamery
• Kura Revolving Sushi Bar
• Burton’s Grill & Bar
• Meximodo
• Al-Basha
• Haraz Coffee House

Fitness/Service

• The Yard Gym
• Discover Strength
• Yoga Six
• Jetset Pilates
• Moxie Salon and Beauty Bar

The District offers direct access to Interstate 287, Route 202 and Interstate 80. It is also surrounded by major corporate headquarters along with a deep base of retail and dining options to support long-term demand.

The location serves a residential base of 152,000 people. The daytime population exceeds 220,000 within a 5-mile radius.

A mixed-use mecca

The announcement from Cushman & Wakefield followed District 15fifteen‘s first retailer debut. Pierson Commercial celebrated the opening of Discover Strength as “the very first tenant open” in a social media post Tuesday.

 

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The New Jersey-based retail commercial real estate brokerage leads retail leasing at the property for Stanbery.

“The speed at which our F&B spaces were leased, with only one unit remaining, speaks volumes about the scarcity of this type of premium, integrated mixed-use development,” Pierson Commercial Vice President Ryan Starkman commented.

Stanbery also offered updates on the residential side in its December dispatch.

At that time, the first building, the 262-unit Smyth at District 15Fifteen, boasted a greater-than 70% lease-up. Meanwhile, it characterized the launch of leasing at Mason East – a luxury 55-and-older lifestyle community – as successful. According to the firm, move-ins began earlier in 2026.

In April, New Jersey Hills reported the third and final residential building, Mason, began leasing earlier this year.

District 15fifteen features more than 1,000 parking spots and also includes a Residence Inn by Marriott.