Parsippany mixed-use The District secures $146.6M construction financing

A new downtown. That’s how one component of the development team describes a mixed-use effort that is set to rise along Route 10 in Parsippany following the procurement of $146.6 million in construction financing.

Cushman & Wakefield served as exclusive advisor to the joint venture of Claremont Development, Stanbery Development Group and PCCP to secure the funding for the development of The District at 15fifteen, the firm announced Jan. 17. The floating-rate loan was provided by New York Life.

The District is set to include 498 units, 1,062 parking spaces and 58,866 square feet of retail space across three buildings, according to Cushman & Wakefield, situated along one of the county’s premier commercial corridors.

A Cushman & Wakefield Equity, Debt & Structured Finance team of Vice Chair John Alascio, Senior Director Chuck Kohaut, Senior Director TJ Sullivan and Senior Associate Meredith Donovan represented the borrower in the 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 in a prepared statement.

According to the financing announcement, the complex will feature units with high-end finishes and a resort-style amenity package, including a private pool, lounge area, roof-top deck, fitness and conference centers, and simulator rooms.

Situated directly on Route 10, Stanbery says on its website that The District will include 1,000 linear feet of frontage along the highway. The location offers connectivity, as well, with access to Interstates 287 and 80 and Route 202 nearby. In addition to those access points, the property also offers proximity to major employers, retailers and entertainment options.

Based in Ohio, Stanbery’s past work in the Garden State includes The Shoppes at Union Hill in Denville, a 91,000-square-foot retail center.

“We are thrilled to have closed on ‘The District at 15fifteen’ with New York Life,” Jeff Bastow, partner at Morristown-based Claremont Development, said in a statement. “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.”