PCCP JV Lands $188M for NJ Community
The property came online last year.
A partnership comprising PCCP, Claremont Development and Stanbery Development Group has received a $188 million refinancing loan for District at 15Fifteen, a 498-unit mixed-use master-planned community in Parsippany, N.J. The ownership will use the new financing package to complete lease-up and stabilize the property.
Affinius Capital issued the note in a transaction brokered by Cushman & Wakefield Executive Director Chuck Kohaut.
The joint venture broke ground on District 15Fifteen in 2023. Six months prior to the construction start, New York Life originated a $146.5 million loan scheduled to mature in February 2027. At the time, the development was valued at more than $200 million.
Parsippany’s master-planned community
Delivered in 2025, the 450,000-square-foot District 15Fifteen consists of three buildings across a 13-acre site. The first building, dubbed Smyth, rises four floors and features 262 residential units. Mason, the second building encloses 236 units and 27,500 square feet of retail space across five stories. Both Smyth and Mason’s apartments have one- and two-bedroom layouts ranging from 554 to 1,240 square feet. The third one, Building C, is a one-story, 31,300-square-foot retail pavilion.
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Shared amenities at 15Fifteen include a fitness and wellness center, coworking and conference areas, courtyards, a pool, a rooftop deck, a dog wash and a parking garage with 853 spots.
Located at 1515 New Jersey State Route 10, the community is close to the thoroughfare’s interchange with Interstate 287, both which connect the area to downtown Manhattan, 34 miles east.
NYC-area recent refinancing deals
Recent multifamily refinancing deals in and around the New York City area include Watermark Capital Group securing $105 million from Walker & Dunlop to complete leasing and stabilize the 184-unit Pecora, in Queens. Last month, Slate Property Group and Avenue Realty Capital refinanced Dutch House, a 184-unit community in Queens, using a $86.3 million loan, again from Walker & Dunlop.
Recent refinancing activity in the New York City area does not necessarily reflect the broader national market. While some well-positioned assets continue to secure debt, multifamily borrowers across the U.S. are still facing refinancing pressure tied to loans originated during the low-rate years. Higher borrowing costs, tighter lending standards and slower rent growth continue to complicate recapitalizations, particularly for properties financed near peak valuations. These challenges are expected to persist over the next couple of years.
