PCCP Claremont Development Stanbery Development Group Secures $188 Million Refinance For District 15Fifteen

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.