Affinius Capital originates $188 million loan to refinance District at 15Fifteen in Parsippany, NJ

Parsippany, NJ Affinius Capital LLC has closed a $188 million loan to refinance the District at 15Fifteen, a 498-unit multifamily property with 58,800 s/f of retail space. The loan was made to a joint venture between PCCP, Claremont Development, and Stanbery Development Group, and the proceeds will be utilized to complete the lease-up and stabilization of the property.

Affinius Capital co-head of debt originations David Greenburg said, “District at 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. 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.”

District at 15Fifteen spans a 12.7-acre site comprised of three buildings: Smyth, a four-story residential building contains 262 units; Mason, a five-story mixed-use building contains 236 units and 27,500 s/f of retail; and Building C, a single-story retail pavilion offers 31,300 s/f. The property also includes an 853-space structured parking garage serving the residential and retail components.

The development is organized around a true town-center environment anchored by a central pedestrian-oriented woonerf intended to activate the site and support community programming. Amenities include fitness/wellness space, coworking and conference areas, lounges, party rooms, courtyards, a pool, roof deck, simulator rooms, dog wash/pet spa areas, and a dedicated gym for the age-restricted component.

Located along Rte.10 with direct access to I-287 and Rte. 202, providing connectivity throughout Northern New Jersey and the broader New York metropolitan area, the property offers access to transit, major employment hubs, and neighborhood amenities.

The financing was arranged by Chuck Kohaut of Cushman & Wakefield.