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.
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.