Parse Capital Closes $28.3 Million Preferred Equity Investment For Chicago Multifamily Development
August 3, 2015 - Parse Capital today announced the closing of a $28.3 million preferred equity investment that will be used to partially fund the ground-up development of a 34 story, Class A mixed-use high rise, consisting of 298 residential apartments; including studios and one- to three-bedroom residences with condo quality finishes. The tower will be named Exhibit on Superior, and was designed by bKL Architects. The preferred equity investment is part of a $113.3 million financing, which also included a first mortgage loan, provided by a syndicate of banks led by PNC Bank, and equity capital provided by Magellan Development Group and MAC Management. The transaction was brokered by Daniel Kaufman and Mike Kavanau from HFF. "We are pleased to partner with Magellan on the of 165 W. Superior," said Bill Trefethen, Managing Partner of Parse. "As one of the preeminent developers in the US, Magellan exemplifies the type of sponsor with whom we seek to partner on development deals. We look forward to working with them on future projects." Commenting on the transaction, David Carlins, President of Magellan, said: "We selected Parse based on their outstanding reputation, and they provided an integral part of the project financing."
About Magellan Development
Magellan Development Group has established a reputation as a prolific and accomplished developer. The company's focus has been high-rise residential and mixed-use projects. Its principals, co-CEOs Joel Carlins and James Loewenberg and President David Carlins, have completed 21 projects totaling more than 6,800 residential units, 517,000 square feet of commercial space and have received over 60 awards for excellence within the past 16 years. Since its inception on February 27, 1996, Magellan Development Group has successfully financed more than $3.5 billion of residential, mixed-use, and commercial projects. Magellan and its affiliates have designed and developed a wide variety of other projects including commercial, institutional, government, educational, hospital and transportation projects. Magellan goes beyond designing and creating residential developments by transforming and energizing neighborhoods.
About MAC Management
MAC Management is a real estate management and development company, which specializes in office, retail and residential real estate in Chicago, Illinois. The company was founded in 1980, and since its inception has owned, managed and developed high profile properties in the River North neighborhood. "We are extremely excited about this project, and consider ourselves very lucky to be a part of this team. You could not ask for better development partners than Magellan Development and bKL Architecture." said Dustin Cahan, a principal at MAC Management.