Updated Oct 12, 2026
Claremont Development Acquires Mixed-use Development In Parsippany With $146.6M Construction Loan From New York Life
1515 State Rt 10, Parsippany, NJ 07054
$146,600,000
Building Size
—
Asset Type
Mixed-use
Closing
Jan 17, 2023
About this deal
AI
A mixed-use development located at 1515 State Route 10 in Parsippany has secured a construction loan from New York Life. The loan amount is $146,600,000, with floating-rate terms. The property is owned by Claremont Development, Jeff Bastow, Stanbery Development Group, and PCCP. The deal was facilitated by brokers John Alascio, Chuck Kohaut, T.J. Sullivan, and Meredith Donovan from Cushman & Wakefield.
Summary of transation details
- Property Type: Mixed-use Development
- Transaction Amount: $146,600,000
- Loan Type: Construction Loan
- Loan Terms: Floating-rate
- Lender: New York Life
- Landlord: Claremont Development - Jeff Bastow; Stanbery Development Group; PCCP
- Brokers: John Alascio, Chuck Kohaut, T.J. Sullivan & Meredith Donovan - Cushman & Wakefield
The construction loan was secured by the mixed-use development at 1515 State Route 10 in Parsippany. The property is owned by Claremont Development, Jeff Bastow, Stanbery Development Group, and PCCP. The deal was facilitated by brokers John Alascio, Chuck Kohaut, T.J. Sullivan, and Meredith Donovan from Cushman & Wakefield.
On the Map
$146,600,000
Mixed-use
View full map
Players
Parsippany Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
Loading comparables…
Deal FAQ
Browse New Jersey mixed use loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.11%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93