Updated Jul 8, 2026
PCCP Claremont Development Stanbery Development Group Secures $188 Million Refinance For District 15Fifteen
1515 State Route 10
$188,000,000
Units
498
Asset Type
Mixed-use
Closing
Jul 7, 2026
About this deal
AI
The asset involved in this transaction is a newly opened 498-unit mixed-use multifamily property located at 1515 State Route 10 in Parsippany, New Jersey. The property has secured a loan amounting to $188,000,000 for refinancing purposes.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $188,000,000
- Lender: David Greenburg - Affinius Capital
- Landlord: Donald Kuemmeler - PCCP; Richard Sciaretta - Claremont Development; Jon Meyer - Stanbery Development Group
- Broker: Chuck Kohaut - Cushman & Wakefield
- Loan Type: Refinance
- Units: 498
- Market: Parsippany, NJ
The deal was facilitated through a joint venture among PCCP, Claremont Development, and Stanbery Development Group. This partnership is focused on the lease-up and stabilization of the property, with financing arranged by Cushman & Wakefield.
Players
Parsippany Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.08%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93