Parse Capital Announces Closing of a $8,900,000 Mezzanine Loan to Fund Class "A" Multifamily Development
August 21, 2013 - Parse Capital, LLC announces the closing of an $8.9 million mezzanine loan to finance the development of a class "A" apartment community in Los Angeles County. Upon completion in the fall of 2014, the LEED silver, transit-oriented project will be comprised of 349 rental units housed in two, four-story buildings offering a range of living options and resort style amenities.
â€œOur ability to offer borrowers flexibility and certainty of close is key in helping our clients finance multifamily development projects successfully and expeditiously," said William Trefethen, Managing Partner of Parse Capital. "In this particular case, the developer required reliable execution from a mezzanine lender that both understood the asset strategy, and took a balanced approach to negotiating inter-creditor issues with the construction lenders.
The developer, Realm Group, LLC, is a partnership between Realm Real Estate, LLC, an experienced commercial real estate development company, and The Bascom Group, LLC, which develops and acquires multifamily and office properties throughout Southern California in both urban and suburban submarkets. The Bascom Group, LLC is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate- related investments and operating companies.