July 10, 2015 – Parse Capital today announced the closing of a $28.3 million preferred equity investment that will be used to partially fund the ground-up development of a 34 story, Class A mixed-use high rise, consisting of 298 residential apartments; including studios and one- to three-bedroom residences with condo quality finishes. The tower will be named Exhibit on Superior, and was designed by bKL Architects. The preferred equity investment is part of a $113.3 million financing, which also included a first mortgage loan, provided by a syndicate of banks led by PNC Bank, and equity capital provided by the sponsor. The transaction was brokered by Daniel Kaufman and Mike Kavanau from HFF.
“We are pleased to partner with the sponsor on the of 165 W. Superior,” said Bill Trefethen, Managing Partner of Parse. “As one of the preeminent developers in the US, they exemplify the type of sponsor with whom we seek to partner on development deals. We look forward to working with them on future projects.”
From the sponsor: “We selected Parse based on their outstanding reputation, and they provided an integral part of the project financing.”