Affinius Ramping Up Lending Prominence in Garden State

If it’s a day ending in ‘y,’ Affinius Capital is probably doling out a big loan.

This time, the recipient was a joint venture of PCCP, Claremont Development and Stanbery Development Group. The partners scored a $188 million loan to refinance the District 15Fifteen complex in Parsippany, New Jersey, the Commercial Observer reported.

The property at 1515 Route 10 East in the affluent suburb opened last month. It includes three buildings, stretching along 13 acres. Two of the buildings contain a combined 498 multifamily units, while the third is fully devoted to 59,000 square feet of retail space.

Amenities at the complex include a fitness center, multiple courtyards, a pool, a roof deck and a dog spa. There’s also 853 parking spaces on site.

The financing will go towards the lease-up and stabilization of the property. Cushman & Wakefield’s Chuck Kohaut arranged the debt.

“District 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,” Affinius co-head of debt originations David Greenburg said in a statement.

Beyond the refinancing, the story is increasingly becoming how willing Affinius is to lend, particularly in the Garden State, during a tumultuous time in real estate finance.

Just this week, Joel Namdar’s company secured $180 million in debt from Affinius for its project at 35 Cottage Street in the Journal Square neighborhood of Jersey City. The refinancing will support the 27-story, 564-unit luxury multifamily property going up a short walk from the local PATH station.

Furthermore, an investor group led by Affinius recently completed a previously announced acquisition of Veris Residential, a real estate investment trust focused on properties in the Northeast. The all-cash transaction totaled $3.5 billion, including debt. Investor buyout was priced at $19 per share of Veris common stock.

At that time, the San Antonio-based Affinius boasted around $61 billion in assets under management across the United States.

— Holden Walter-Warner