Affinius Capital announced the closing of a $188 million loan to refinance the District at 15Fifteen, a 498-unit multifamily property with 58,800 square feet of retail space located in Parsippany, N.J. 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.
David Greenburg, co-head of debt originations at Affinius Capital, commented, “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 res
