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.