Claremont JV Lands $147M for Northern New Jersey Project
This mixed-use development is valued at more than $200 million.
A joint venture including Claremont Development, Stanbery Development Group and PCCP has received $146.5 million in construction financing for The District at 15fifteen, a mixed-use development in Parsippany, N.J. A Cushman & Wakefield team arranged the New York Life floating-rate loan.
According to the company’s website, Stage Capital Partners is a project team member and equity investor in the development, which wil have a total size of 450,000 square feet and is valued at $208 million. The development is expected to be completed in the summer of 2025. Thriven Design will supervise architectural, engineering, interior and planning efforts.
The District at 15fifteen is slated to include three buildings with a total of 498 residential units, 1,062 parking spaces and 58,866 square feet of retail space available for rent. A private pool, a lounge area and roof deck, as well as fitness centers, conference centers and simulator rooms are among the planned amenities at the property.
Upcoming mixed-use development in Northern New Jersey
The development will rise along Route 10, offering connectivity to interstates 90 and 287, as well as Route 202. The District at 15fifteen will offer proximity to an array employers, retailers and lifestyle amenities in the area.
The trade area currently lacks retail and restaurant options, making it an ideal location for a new development that includes a mix of national and local retailers, restaurants, cafes and specialty services, according to the Stanbery Development Group website.
The Cushman & Wakefield Equity, Debt & Structured Finance team representing the joint venture was led by Vice Chair John Alascio, Senior Director Chuck Kohaut, Executive Managing Director TJ Sullivan and Senior Associate Meredith Donovan.
In a prepared statement, Alascio said that The District at 15fifteen attracted competitive capital markets execution even during challenging market conditions. In another move in the state, in November last year, Claremont Development, in partnership with Cypress Equity Investments and Battery Global Advisors, obtained a 57.5 million loan for the refinancing of EVO, a luxury community with 220 units located in Englewood, N.J.