March 31, 2016 – Parse Capital (“Parse”) has made a $18.9 million preferred equity investment in the development of Inspire Southpark (“Project”), a luxury mid-rise apartment project in Charlotte, North Carolina.`
Once complete, the project 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.