New York & Tri-State + New Jersey + Finance | January 18, 2023

Cushman & Wakefield advised a joint venture in procuring $146,550,000 in construction financing for The District at 15fifteen in Parsippany, NJ

Joint Venture Secures $147M Construction Loan on Parsippany Apartments

Cushman & Wakefield advised the joint venture of Claremont Development, Stanbery Development Group and PCCP in procuring $146,550,000 in construction financing for the development of The District at 15fifteen in Parsippany, NJ. The floating-rate loan was provided by New York Life.

A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, Chuck Kohaut, TJ Sullivan and Meredith Donovan represented the borrower in the transaction.

Upon completion, The District at 15fifteen will comprise 498 residential units, 1,062 parking spaces and 58,866 rentable square feet of retail space across three buildings, creating a large-scale town center environment along one of Morris County’s premier commercial corridors.

“The District at 15fifteen is a truly unique mixed-use development that commanded a highly competitive capital markets execution despite unprecedented market volatility,” said Alascio.

Added Kohaut, “We’re grateful for the opportunity to represent this partnership on such an exciting project.”

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Cushman & Wakefield's AlascioCushman & Wakefield's Kohaut

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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