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