June 1, 2014 – Parse Capital, LLC, in partnership with JPI Companies announce today the proposed ground-up development of a 198-unit multifamily project in Houston, Texas. The partnership plans to develop the Class “A” luxury multifamily development with a podium style structure, and is scheduled to be completed in the fall of 2015. Parse Capital provided a $7.3 million mezzanine investment to fund the development of the apartment community, which totaled nearly $37 million. “Our ability to offer developers 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, due to JPI’s professionalism and deep transactional expertise we were able to complete a complex transaction in 45 days from start to finish. We look forward to developing our partnership together and investing in their pipeline of projects.”
JPI Companies (www.jpi.com) is a national developer, builder, and investment manager of Class A multifamily assets in major US markets. JPI’s executive leadership team has an average of 25 years’ experience in multifamily developments ranging from low density garden, mid density wrap and podium, and high density mixed use communities.
“JPI’s strategy is to develop high quality multifamily communities in markets supported by strong household formations and job growth. Execution is made possible by partnering with investors with a proven track record on real estate in premiere markets. The strength and leadership of Parse Capital afforded us certainty of close”, said Ben Montgomery, JPI Southern Region Managing Partner.
“Jefferson Heights is located on the doorstep of downtown Houston, and will thrive on Houston’s incredible employment centers and wide ranging entertainment experiences. We look forward to growing our partnership with Parse Capital, and increasing our footprint in Houston.”