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.