May 4, 2017 -Parse Capital (“Parse”) has made a $6.9 million preferred equity investment in an entity controlled by Bomasada Group, Inc. (“Bomasada”) that is developing The Cosmopolitan (“Project”), a luxury apartment project in Tulsa, Oklahoma.
Once improved, the Project will consist of 264 market-rate rental units in a four-story, mid-rise multifamily housing community. Project construction will commence in July 2017, and is scheduled to be completed at the end of 2019.
Parse’s investment was part of a larger financing package, which also included a first mortgage loan provided by Prosperity Bank with Valley National Bank as the participating lender, and a significant equity investment made by Bomasada.
“We are pleased to complete our first transaction with Bomasada,”” 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.”
“We are excited to be partnering with Parse on The Cosmopolitan project in Tulsa,” said John Gilbert, President of Bomasada. “They are a high-energy and professional organization which is a great fit with Bomasada’s vision of multifamily development.”
About Bomasada Group, Inc.
Bomasada Group, Inc., led by its two principal partners, Stuart Fred and John Gilbert have over 75 years of combined experience in multifamily development and construction with over $1 billion in asset transactions. Streamlining the real estate development and construction process has enabled Bomasada to maximize all economic aspects of new multifamily projects.
With multiple projects in several secondary and tertiary U.S. cities, Bomasada continues to refine its approach to product development, delivering the finest multifamily projects in their respective markets. For more information, please visit Bomasada’s website at www.bomasada.com.