Parse Capital Announces Closing of a $12,277,400 Preferred Equity Investment to Fund Class "A" Multifamily Development
April 13, 2015 - Parse Capital, LLC, in partnership with The SummerHill Housing Group announce today the proposed ground-up development of a 186-unit multifamily project in Santa Clara, California. The partnership plans to develop the Class "A" luxury multifamily development and is scheduled to be leasing up in the fall of 2016. Parse Capital provided a $12.3 million preferred investment to fund the development of the apartment community, which totaled approximately $75.0 million. "Our ability to offer developers flexibility and certainty of close is key in helping our clients finance multifamily development projects successfully and expeditiously across the country" said William Trefethen, Managing Partner of Parse Capital. "In this particular case, due to SummerHills's professionalism and deep transactional expertise we were able to complete a complex transaction in an expedited fashion. We look forward to developing our partnership together and investing in their pipeline of projects."
SummerHill Apartment Communities is a multifamily development specialist with geographic focus in major West Coast MSA's. They are experienced practitioners in the multifamily arena, they are keenly focused on local market trends and property fundamentals. Their competency is in identifying, sourcing and developing compelling multifamily investments in approved, research based Target Markets, including San Francisco Bay Area, Los Angeles, Orange, San Diego, and Ventura Counties as well as the Seattle metro area. The target markets demonstrate intrinsic supply constraints, strong engines for job creation and a sustained ability to attract capital. SummerHill Apartments Communities is headquartered in San Ramon, with satellite offices in Palo Alto, Seattle and Irvine.
"The Villas on the Boulevard represents a unique and compelling opportunity for SummerHill to deliver 186 units in Santa Clara in the heart of Silicon Valley near many top tech employers", said Doug McDonald, CFO and Managing Director of SummerHill Apartment Communities. "The key to SummerHill's long-term success has been our ability to source great development sites with strong multifamily demand fundamentals. Parse's capital markets expertise, industry knowledge and submarket-specific knowledge provided for a smooth closing process on a complicated transaction. We look forward to growing our relationship with Parse."