Cushman & Wakefield successfully arranged $188 million in refinancing for The District at 15fifteen, Morris County’s largest master-planned mixed-use development.
The Cushman & Wakefield Equity, Debt & Structured Finance team, led by John Alascio, Chuck Kohaut and Meredith Donovan—with strategic support from Capital Markets specialists Niko Nicolaou and Ryan Dowd—represented the borrowing entity.
The high-profile sponsorship consortium includes Claremont Development, Stanbery Development Group, and PCCP, LLC. The floating-rate loan facility was provided by financial services firm Affinius.
Spanning an expansive 13-acre site located at 1515 Route 10, the newly delivered property comprises 498 residential units and 58,789 square feet of highly functional retail space spread seamlessly across three distinct buildings.
The residential component features an intentionally diverse mix of market-rate, affordable, and age-restricted active adult housing options. The community centers on a standalone retail pavilion adjacent to a central, landscaped pedestrian plaza designed to host community events and outdoor activities.
Current retail tenants include an active assortment of restaurants, fitness operators, and service-oriented businesses serving both on-site residents and the broader Parsippany-Troy Hills area.
“The significant lender demand for this offering reflected the strength of the sponsorship, the unmatched quality of the asset and the leasing momentum achieved since delivery,” Chuck Kohaut, executive director at Cushman & Wakefield said. “The District at 15fifteen has established itself as the premier mixed-use destination in Morris County, and we’re grateful for the opportunity to represent the Sponsorship again on this transformative project.”
The master-planned development provides premium physical lifestyle enhancements and convenient infrastructure, including:
- Parking Infrastructure: More than 1,000 parking spaces designated to support residential, commercial, and guest vehicular volume.
- Resident Conveniences: Premium multi-room lounges, modern fitness hubs, dedicated coworking spaces, a resort-style swimming pool, and curated outdoor recreational spaces.
- Regional Connectivity: Direct, immediate entry to Interstate 287, Route 202, and Interstate 80, placing transit routes to Newark Liberty International Airport, Jersey City, Hoboken, and Manhattan within easy reach.
The community’s competitive positioning is further fortified by its immediate proximity to major corporate headquarters and a dense baseline of affluent shopping and dining corridors, ensuring reliable long-term demand.
