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.