June 1, 2014 – Parse Capital, LLC, in partnership with a premier sponsor, announced today the proposed ground-up development of a 198-unit multifamily project in Houston, Texas. The partnership plans to develop the Class “A” luxury multifamily development with a podium style structure, and is scheduled to be completed in the fall of 2015. Parse Capital provided a $7.3 million mezzanine investment to fund the development of the apartment community, which totaled nearly $37 million. “Our ability to offer developers flexibility and certainty of close is key in helping our clients finance multifamily development projects successfully and expeditiously” said William Trefethen, Managing Partner of Parse Capital. “In this particular case, due to the sponsor’s professionalism and deep transactional expertise we were able to complete a complex transaction in 45 days from start to finish. We look forward to developing our partnership together and investing in their pipeline of projects.
From the sponsor: “Jefferson Heights is located on the doorstep of downtown Houston, and will thrive on Houston’s incredible employment centers and wide ranging entertainment experiences. We look forward to growing our partnership with Parse Capital, and increasing our footprint in Houston.”