Claremont Development Acquires Mixed-use Development In Parsippany With $146.6M Construction Loan From New York Life

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.