News

Parse Capital Makes $70.3 Million Mezzanine Investment in Washington, D.C. Multifamily Development

May 31, 2017 – Parse Capital (“Parse”) has made a $70.3 million mezzanine investment in an entity controlled by Republic Properties Corporation (“Republic”) that is developing Portals Residential Phase V Building (“Project”), a luxury apartment project in Washington, D.C.

The Portals Residential building will encompass 373 rental apartments ranging from 506 to 3,400 SF.   The Building will rise 13 levels of and contain a wide variety of sizes and types of units, many with balconies and terraces.  The top four floors feature larger units with private elevator access from the Building’s lobby.  The Building’s exterior and many of its public areas were designed by Robert A.M. Stern. WDG Architecture was the architect for the building and led the multidisciplinary design team.  The Building will be constructed by Balfour Beatty Construction.
The landmark Portals Residential Building will be the next to the last phase of the over 3 Million SF Portals project which already includes the Mandarin Oriental Hotel and three Class A office buildings.   The new Residential Building has special prominence because it’s at its principal gateway location to the Washington, DC Downtown and the monumental core.
Parse’s investment was part of a larger financing package, which also included a first mortgage loan provided by CapitalSource, and a significant equity investment made by Republic. CBRE’s Capital Markets Group was the advisor on the deal.
“We are pleased to complete our first transaction with Republic Properties,”” said Charles Laing, Managing Director at Parse.  “We are excited to be a part of the future development of what will be an iconic building in on an irreplaceable location.”

About Republic Properties Corp.

Republic Properties Corporation is part of the Republic Family of Companies which is a full service real estate development and management firm with offices on both the East and West Coasts of the United States.
For additional information please see: www.RepublicFamilyOfCompanies.com.

 

 

Parse Capital Makes $6.9 Million Preferred Equity Investment in Tulsa, Oklahoma Multifamily Development

May 4, 2017 -Parse Capital (“Parse”) has made a $6.9 million preferred equity investment in an entity controlled by Bomasada Group, Inc. (“Bomasada”) that is developing The Cosmopolitan (“Project”), a luxury apartment project in Tulsa, Oklahoma.

Once improved, the Project will consist of 264 market-rate rental units in a four-story, mid-rise multifamily housing community. Project construction will commence in July 2017, and is scheduled to be completed at the end of 2019.

Parse’s investment was part of a larger financing package, which also included a first mortgage loan provided by Prosperity Bank with Valley National Bank as the participating lender, and a significant equity investment made by Bomasada.

“We are pleased to complete our first transaction with Bomasada,”” said Charles Laing, Managing Director at Parse.  “They are best in class developers. We look forward to working with them on this transaction, as well as future ones.”

“We are excited to be partnering with Parse on The Cosmopolitan project in Tulsa,” said John Gilbert, President of Bomasada. “They are a high-energy and professional organization which is a great fit with Bomasada’s vision of multifamily development.”


About Bomasada Group, Inc.

Bomasada Group, Inc., led by its two principal partners, Stuart Fred and John Gilbert have over 75 years of combined experience in multifamily development and construction with over $1 billion in asset transactions. Streamlining the real estate development and construction process has enabled Bomasada to maximize all economic aspects of new multifamily projects.

With multiple projects in several secondary and tertiary U.S. cities, Bomasada continues to refine its approach to product development, delivering the finest multifamily projects in their respective markets. For more information, please visit Bomasada’s website at www.bomasada.com.


 

Parse Capital Makes $8.2 Million Preferred Equity Investment in Harrison, New Jersey. Multifamily Development

January 26, 2017 – Parse Capital (“Parse”) has made a $8.2 million preferred equity investment in an entity controlled by BNE Real Estate Group (“BNE”) and Hornrock Properties (“Hornrock”) that is developing One Harrison (“Project”), a luxury apartment project in Harrison, New Jersey.

Once improved, the Project will consist of 257 market-rate rental units in a five-story mid-rise multifamily housing community. Project construction commenced in February 2017 and is expected to be completed in mid-2019.
Parse’s investment was part of a larger financing package, which also included a first mortgage loan provided by PNC Bank, and a significant equity investment made by BNE and Hornrock.
“We are pleased to complete our first transaction with BNE/Hornrock,”” said Charles Laing, Managing Director at Parse.  “They are best in class developers. We look forward to working with them on this transaction, as well as future ones.”

About BNE Real Estate Group

BNE Real Estate Group is a national, family-owned company with over 60 years of experience in real estate development, investment and management.  BNE has developed over 25,000 units since the company’s founding, the majority of which have been single family homes.  BNE currently owns and manages approximately 8,000 apartments.  The firm’s current pipeline includes over 1,000 apartment units currently under construction with another 1,000 units to be built in the next 2 – 5 years.
For more information, please visit BNE’s website at www.bnerealestate.com

About Hornrock Properties

Hornrock Properties is a dynamic, full service, and multi-generational development firm that is family owned and managed. Focusing on the tri-state real estate market, we recognize in it a dynamic arena ample with opportunities in acquisition, construction, and management of residential and commercial spaces. We find and create those opportunities.
For more information, please visit Hornrock’s website at www.hornrock.com

 

Parse Capital Makes $13.0 Million Preferred Equity Investment in Pittsburgh, Pennsylvania Multifamily Development

October 7, 2016 – Parse Capital (“Parse”) has made a $13.0 million preferred equity investment in an entity controlled by The NRP Group (“NRP”) that is developing Riverfront Landings (“Project”), a luxury apartment project in the Strip District outside of downtown Pittsburgh, Pennsylvania.

Once improved, the Project will consist of 364 market-rate rental units in five-story mid-rise multifamily housing community and is expected to be completed in mid-2018.
Parse’s investment was part of a larger financing package, which also included a first mortgage loan provided by Fifth Third Bank, and a significant equity investment made by NRP.
“We are pleased to complete our first transaction with NRP,” said Charles Laing, Managing Director at Parse.  “They are best in class developers. We look forward to working with them on this transaction, as well as future ones.”
“In addition to a superior financial structure, NRP felt that Parse’s team of professionals was truly exceptional.They had the real estate vision to recognize the enormous potential of this project as well as the technical expertise to close a complicated transaction both creatively and efficiently,” said George Currall, Vice President of Finance, The NRP Group LLC.  “It was a pleasure working with Parse and we hope to partner with them again on many future projects.”

About The NRP Group, LLC

Founded in 1995, NRP is a full-service developer, general contractor and property manager of multifamily, senior and student housing throughout the United States.  NRP has been recognized as a three-time recipient of the National Association of Builders Multifamily Development Firm of the Year, and consistently ranked one of the Top 25 Developers by Multifamily Executive. NRP has offices in San Antonio, Texas; Cleveland, Ohio; Raleigh, North Carolina; Tampa, Florida; Buffalo, NY and Detroit, MI. For additional information, visit www.NRPGroup.com.

 

 

Parse Capital Makes $12.0 Million Preferred Equity Investment in Denver, Colorado Multifamily Development

April 7, 2016 – Parse Capital (“Parse”) has made a $12.0 million preferred equity investment in an entity controlled by Reylenn Properties, LLC (“RP”) that is developing Solana Lucent Station, a luxury garden apartment project in the Highlands Ranch sub market, just outside of the Denver metro.

Once developed, Solana Lucent Station will consist of 285 luxury rental units with a combination of one, two and three bedroom apartments.  Construction commenced in April 2016, and is expected to be completed in late 2018.
Parse’s $12.0 million preferred equity investment was part of a larger financing package, which also included a first mortgage loan provided by Bank of the Ozarks, and a significant equity investment made by RP.  HFF arranged the debt placement.
“We are pleased to complete our first transaction with RP on one of the last remaining multifamily development tracts within the highly-desirable Highlands Ranch master plan. RP has successfully developed similar projects throughout the Denver market, and we are excited to have the opportunity to partner with them on this one,” said Charles Laing, Managing Director at Parse.
Commenting on the recent transaction, Louis Kuntz, President of RP, said: “Our experience in working with the entire team at Parse has been fantastic. We are very excited to develop a quality project in the Highlands Ranch sub market, which has significant barriers to entry. We look forward to a long relationship with Parse.”

About Reylenn Properties

ReyLenn Properties LLC is a southern California based real estate company specializing in the investment, development and construction of multifamily/mixed-use projects in key markets in California, Colorado and the Western region of the United States.  Over the past 12 years, the team has been responsible for the development of projects with an approximate value in excess of $1.2 billion.   Most recently, the members of the team have successfully completed Solana 3100 Pearl, a 319 unit, Class-A, transit oriented, mixed use project located on renowned Pearl Street, Boulder, Colorado and Solana Cherry Creek, a 341-unit project in Glendale, Colorado. ReyLenn also has three projects currently under construction in southern California.  For more information, visit www.reylenn.com

 


 

 

Parse Capital Closes $13.5 Million Preferred Equity Investment in Boston, Massachusetts Multifamily Development

April 5, 2016 – Parse Capital (“Parse”) has made a $13.5 million preferred equity investment in an entity controlled by the Longwood Group (“LG”) that is developing Serenity, a luxury high rise apartment project in the Longwood Medical Area of Boston, MA.

Once improved, Serenity will consist of a single, fifteen-story Class A residential building that will contain 195 units with a combination of studios as well as one, two and three bedroom apartments.  Project amenities will include a fitness center, common area great room/lounge, outdoor swimming pool with sun deck, and 1,860 square feet of ground-level retail space.  Additionally, there will be surface parking spaces as well as a multi-level secured parking deck.  Construction commenced in Fall of 2015, and is anticipated to be completed in Spring of 2017.
Parse’s $13.5 million preferred equity investment was part of a larger financing package, which also included a first mortgage loan provided by US Bank, and a significant equity investment made by the Longwood Group.  CBRE arranged the financing for LG.
“We are pleased to have the opportunity to partner with LG in financing the development of Serenity,” said Parse Managing Director Charles Laing.  “We are excited about this project, and look forward to working with them in the future.”
Commenting on the recent transaction, Anthony Nader, Vice President at LG, said, “Parse showed great diligence in sticking through a long closing process. We look forward to completing a great project for the community, and continuing our relationship with Parse.”

About the Longwood Group

Longwood Group is a private investment company with over 25 years of real estate and venture investing. LG looks for investments in industries and markets that have or will have high barriers to entry and sustainable streams of cash flow. LG is committed to its investments for the long term.

 


 

 

Parse Capital Closes $18.9 Million Preferred Equity Investment in Charlotte, North Carolina Multifamily Development

March 31, 2016 – Parse Capital (“Parse”) has made a $18.9 million preferred equity investment in an entity controlled by Morgan Bond Charlotte Holdings, LLC (“MBC”) that is developing Aspire Southpark, a luxury mid-rise apartment project in Charlotte, North Carolina.

Once improved, Aspire Southpark will consist of a single, five-story Class A residential building that will contain 367 units with a combination of studios as well as one, two and three bedroom apartments.  Project amenities will include a fitness center, common area great room/lounge, and outdoor swimming pool with sun deck.  Additionally, there will be surface parking spaces as well as a multi-level secured parking deck.  Construction commenced in April 2016, and is anticipated to be completed in 2018.
Parse’s $18.9 million preferred equity investment was part of a larger financing package, which also included a first mortgage loan provided by JP Morgan and Private Bank, and a significant equity investment made by MBC.
“We are pleased to have the opportunity to partner with MBC in financing the development of Aspire Southpark,” said Parse Managing Director Charles Laing.  “We are excited about this project, and look forward to working with Ronnie, Rob and Larry in the future.”
Commenting on the recent transaction, Ronnie Morgan said, “Working with Parse was more than a capital partner relationship. Given their deep development experience, we were able to quickly cut through the typical development issues that usually require a longer conversation by institutional capital.”

About the Morgan Bond Company

Morgan Bond Company is a partnership between Ronnie Morgan and Rob and Larry Bond. Collectively, the team has developed or acquired more than 20,000 apartment units and millions of square feet of retail across the United States. The partners currently have more than $325 million of development under construction.

 


 

 

Parse Capital Makes $13.5 Million Preferred Equity Investment in San Antonio, Texas Multifamily Development

November 19, 2015 – Parse Capital (“Parse”) has made a $13.5 million preferred equity investment in an entity controlled by Debartolo Development LLC, (“DeBartolo”) that is developing Ridgeview at the Rim (the “Project”), a luxury podium apartment project in The Village at The Rim Masterplan (“RIM PD”), northwest of downtown San Antonio, Texas.

Once improved, Project will consist of 310 luxury rental units in a seven-story mid-rise multifamily housing community, which will feature five stories of apartments, an indoor/outdoor amenity package, and a two-story podium structured parking deck overlooking the Rim PD.  This urban infill Class “A” development is prominently positioned at the apex of Talavera Boulevard in the heart of the RIM PD.  Project construction is expected to be completed in early 2018.
Parse’s $13.5 million preferred equity investment was part of a larger financing package, which also included a first mortgage loan provided by PNC Real Estate, and a significant equity investment made by DeBartolo.
“We are pleased to complete our fourth transaction with DeBartolo,” said Charles Laing, Managing Director at Parse.  “They are world-class developers, and terrific partners.  We look forward to working with them on this transaction, as well as future ones.”
“Commenting on the transaction, Edward Kobel, President and Chief Operating Officer of DeBartolo Development said, “A key component of DeBartolo’s sustained success in the ultra-competitive luxury apartment space is directly attributed to our firm’s long- standing strategic relationships with our capital partners. Parse’s holistic approach to multifamily development affords DeBartolo a market competitive finance instrument that promotes maximum flexibility and the creativity necessary to deliver our collective vision to the marketplace. Today, the synergies between DeBartolo and Parse have spawned a programmatic like approach to the procurement and capitalization of new development opportunities we hope continues into the foreseeable future.”

About DeBartolo Holdings

DeBartolo Development, LLC is an established private real estate investment and development company that operates on multiple platforms ranging from real estate investment and ground-up development to management solutions.  Since 2003, the company has successfully invested in 155 assets with approximate value of $4.6 billion.
For more information about DeBartolo, please visit its website at www.debartolodevelopment.com

 


 

 

Parse Capital Closes $14.1 Million Preferred Equity Investment in Harrison, New Jersey Multifamily Development

October 19, 2015 – Parse Capital today announced the closing of a $14.1 million preferred equity investment in a 286 unit, Class A multi-family development located in Harrison, New Jersey.  The developer of the project is a joint venture between Advance Realty and Debartolo Development.  Parse’s investment is part of a larger $77.6 million financing, which also includes a first mortgage loan provided by Wells Fargo Bank.

The 5-story development will feature 286 luxury multifamily residences, on-site structured parking and extensive indoor and outdoor amenities. Situated near the Harrison PATH station, which currently is undergoing a $256 million renovation, and the 25,000-seat Red Bull Arena, home to professional soccer’s New York Red Bulls, the development will play a vital role in Harrison’s ongoing emergence as a top destination for residents who seek a premium “live-work-play” lifestyle in a modern, urban setting. The developers are projecting a completion in late 2017.
“We are pleased to complete our first transaction with Advance, and our third transaction with Debartolo,” said William Trefethen, Managing Partner of Parse.  “We are excited about the Harrison market, and look forward to working with a solid regional developer with strategic relationships in the New York and New Jersey MSA.”
Commenting on the transaction, Christopher Bellapianta, Managing Director and Principal of Advance Realty, said: “Harrison is a well-located dynamic transit community with the wind at its back.  We are thrilled to have established a relationship with Parse, and to have completed another successful transaction with Wells Fargo Bank”.
Edward Kobel, President and Chief Operating Officer of DeBartolo Development, said: “Harrison will play a vital role in the area’s transformation as a top destination for residents who seek a premium “live-work-play” lifestyle in an urban setting.  Our strategy at DeBartolo is centered around fortress residential projects like Harrison, which benefits from its close proximity to Manhattan.  We are excited to partner with Parse and Advance on Harrison, and look forward to beginning construction soon.”

About Debartolo Development

DeBartolo Development, LLC is an established private real estate investment and development company that operates on multiple platforms ranging from real estate investment and ground-up development to management solutions. The DeBartolo name has been an icon in the real estate industry for more than seven decades. Since the organization’s beginnings in 1944 when entrepreneur Edward J. DeBartolo, Sr. pioneered the first shopping mall concept, the family’s legacy has been synonymous with success. In 1996, DeBartolo Realty Corporation merged with Simon Property Group (NYSE: SPG), creating the largest public real estate company in North America with a total market capitalization of $7.5 billion. In 2003, DeBartolo Development was formed by five-time Super Bowl Champion owner of the San Francisco 49ers, Edward J. DeBartolo, Jr. and his brother, Edward M. Kobel, to continue the family’s tradition of excellence in real estate. Today, led by Mr. Kobel and a dynamic management team, DeBartolo Development invests in real estate assets of all sizes and scopes, focusing on opportunistic acquisitions and market-driven, ground-up development of retail, multifamily, hospitality and mixed-use projects throughout the United States. The DeBartolo team specializes in asset management, development, construction, investment, acquisitions/dispositions, leasing, property analysis, financing, and recapitalization strategies. Since 2003, the company has successfully invested in 155 assets with approximate value of $4.6 billion. For more information about DeBartolo Development, please visit our Website at www.debartolodevelopment.com.

 


About Advance Realty

Advance Realty is a privately owned real estate development, investment and management company headquartered in Bridgewater, N.J. Since its inception in 1979, Advance Realty has acquired or developed more than 10 million square feet of commercial, residential, R&D, industrial and mixed-use projects. Today, the company owns, manages and invests in a diversified portfolio of office, retail, industrial, residential and mixed-use assets in key urban and suburban markets along the Northeast Corridor. The company actively pursues real estate investments that provide opportunity to enhance value through development, repositioning and redevelopment. Advance’s strong capital base, fully integrated platform, outstanding talent and flexibility as a privately held organization position the company for continued growth.

 

Parse Capital Closes $7.0 Million Preferred Equity Investment in Thornton, Colorado Multifamily Development (Denver MSA)

September 30, 2015 -Parse Capital today announced the firm closed a $7.0 million preferred equity investment that will be used to partially fund the ground-up development of a 3 story, Class A, garden project, consisting of 280 residential apartments.

 The preferred equity investment is part of a larger $53.9 million financing, which also included a first mortgage loan, provided by PNC Bank and equity capital provided by Real Capital Solutions.
“We are pleased to complete our first partnership with Real Capital Solutions,” said Bill Trefethen, Managing Partner of Parse.  “We are excited about the Denver market and looking forward to working with a seasoned real estate group like Real Capital Solutions on future projects”
Commenting on the transaction, Marcel Arsenault from Real Capital Solutions, said: “Real Capital Solutions prides itself on delivering best-in-class assets in great locations.  By partnering with Parse Capital, we are able to maintain high levels of liquidity to pursue further investment opportunities.  We look forward to follow-on partnerships with Parse Capital.”

About Real Capital Solutions

Real Capital Solutions, based in Louisville, Colorado, is a private equity real estate company with assets under management of over $1 billion. The company owns and operates multifamily, single family residential, condominiums, retail, industrial, commercial, and office assets. RCS focuses on value-add and development investments throughout the U.S. and abroad.