March 31, 2016 – Parse Capital (“Parse”) has made a $18.9 million preferred equity investment inthe development of Aspire Southpark, a luxury mid-rise apartment project in Charlotte, North Carolina.
Once improved, Aspire Southpark will consist of a single, five-story Class A residential building that will contain 367 units with a combination of studios as well as one, two and three bedroom apartments. Project amenities will include a fitness center, common area great room/lounge, and outdoor swimming pool with sun deck. Additionally, there will be surface parking spaces as well as a multi-level secured parking deck. Construction commenced in April 2016, and is anticipated to be completed in 2018.
Parse’s $18.9 million preferred equity investment was part of a larger financing package, which also included a first mortgage loan provided by JP Morgan and Private Bank, and a significant equity investment made by the project sponsor.
“We are pleased to have the opportunity to partner with the sponsor in financing the development of Aspire Southpark,” said Parse Managing Director Charles Laing. “We are excited about this project, and look forward to working with them in the future.”
From the sponsor: “Working with Parse was more than a capital partner relationship. Given their deep development experience, we were able to quickly cut through the typical development issues that usually require a longer conversation by institutional capital.”