Parse Capital Makes $9.0 Million Preferred Equity Investment in Pasadena, California Multifamily Development

July 18th, 2017 – Parse Capital (“Parse”) has made a $9.0 million preferred equity investment in the development of El Molino (“Project”), a luxury apartment project in Pasadena, California. Once improved, the Project will consist of 105 market-rate and affordable rental units in a six-story, mid-rise multifamily housing community. Project construction commenced in July 2017 and is expected to be completed in mid-2019.

Parse’s investment was part of a larger financing package, which also included a first mortgage loan provided by Comerica Bank, and a significant equity investment made by the project sponsor.