A joint venture between real estate manager PCCP, Claremont Development and Stanbery Development has secured a $188m (€165m) loan from Affinius Capital to refinance a 498-unit US multifamily property.
The partnership secured the financing, arranged by Cushman & Wakefield, for the District at 15Fifteen asset in Parsippany, New Jersey, which includes 58,800sqft of retail space.
The District at 15Fifteen spans a 12.7-acre site comprising three buildings.
David Greenburg, Affinius Capital co-head of debt originations, said: “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.”
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