News

Parse Capital Makes $16.7 Million Preferred Equity Equity Investment in Grapevine, Texas Multifamily Development

April 23, 2018 – Parse Capital (“Parse”) has made a $16.7 million preferred equity investment in Jefferson Silverlake, a luxury apartment development in Grapevine, Texas.
Once complete, the project will consist of 371 market-rate apartment homes in a four-story mid-rise multifamily housing community. Project construction commenced in January 2018, and is expected to be completed in the early part of 2020.
From the sponsor: “This submarket has shown tremendous growth in the last couple of years… this is a great place to invest.”
Parse’s investment was part of a larger financing package, which also included a first mortgage loan provided by Prosperity Bank, and a significant equity investment made by the sponsor.
“We are pleased to complete our third transaction with the sponsor,” said Charles Laing, Managing Director at Parse.  “They have proven to be a best-in-class partner and developer. We look forward to continuing to work with them on this project as well as future ones.”

 

 

Parse Capital Makes $14.5 Million Preferred Equity Equity Investment in King of Prussia, Pennsylvania Multifamily Development

March 9, 2018 Parse Capital (“Parse”) has made a $14.5 million preferred equity investment in Skye 750 (“Project”), a luxury apartment project in King of Prussia, Philadelphia.
Once improved, the Project will consist of 248 market-rate rental units in a five-story mid-rise multifamily housing community. Project construction commenced in January 2018 and is expected to be completed in early-2020.
Parse’s investment was part of a larger financing package, which included a first mortgage loan provided by Citizens Bank, and a significant equity investment made by the sponsor.
“We are pleased to complete our first transaction with this sponsor,” said Charles Laing, Managing Director at Parse. “This investment is consistent with Parse’s history and focus on providing non-control structured equity capital to experienced multifamily developers and owners throughout the US.”
From the sponsor: “Parse’s industry experience and submarket-specific knowledge provided for a smooth closing process on a complicated transaction. We look forward to growing our relationship with Parse.”

 

 

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.

“We are pleased to complete our second transaction with this sponsor” said Charles Laing, Managing Director at Parse.  “They are best in class developers. We look forward to working with them on this transaction, as well as future ones.”

From the sponsor: “Parse’s capital markets expertise, industry knowledge and submarket-specific knowledge provided for an easy partnership.  We look forward to continuing our relationship with Parse.”


 

 

Parse Capital Makes $70.3 Million Mezzanine Investment in Washington, D.C. Multifamily Development

May 31, 2017 – Parse Capital (“Parse”) has made a $70.3 million mezzanine investment in the development of Portals Residential Phase V Building (“Project”), a luxury apartment project in Washington, D.C.

The Portals Residential building will encompass 373 rental apartments ranging from 506 to 3,400 SF.   The Building will rise 13 levels of and contain a wide variety of sizes and types of units, many with balconies and terraces.  The top four floors feature larger units with private elevator access from the building’s lobby.  The building’s exterior and many of its public areas were designed by Robert A.M. Stern. WDG Architecture was the architect for the building and led the multidisciplinary design team.  The building will be constructed by Balfour Beatty Construction.
The landmark Portals Residential Building will be the next to the last phase of the over 3 Million SF Portals project which already includes the Mandarin Oriental Hotel and three Class A office buildings.   The new residential building has special prominence because it’s at its principal gateway location to the Washington, DC Downtown and the monumental core.
Parse’s investment was part of a larger financing package, which also included a first mortgage loan provided by CapitalSource, and a significant equity investment made by the project sponsor. CBRE’s Capital Markets Group was the advisor on the deal.
“We are pleased to complete our first transaction with this sponsor” said Charles Laing, Managing Director at Parse.  “We are excited to be a part of the future development of what will be an iconic building in on an irreplaceable location.”

 

Parse Capital Makes $6.9 Million Preferred Equity Investment in Tulsa, Oklahoma Multifamily Development

May 4, 2017 -Parse Capital (“Parse”) has made a $6.9 million preferred equity investment in the development of The Cosmopolitan (“Project”), a luxury apartment project in Tulsa, Oklahoma.

Once improved, the Project will consist of 264 market-rate rental units in a four-story, mid-rise multifamily housing community. Project construction will commence in July 2017, and is scheduled to be completed at the end of 2019.

Parse’s investment was part of a larger financing package, which also included a first mortgage loan provided by Prosperity Bank with Valley National Bank as the participating lender, and a significant equity investment made the project sponsor.

“We are pleased to complete our first transaction with this sponsor” said Charles Laing, Managing Director at Parse.  “They are best in class developers. We look forward to working with them on this transaction, as well as future ones.”

From the sponsor: “We are excited to be partnering with Parse on The Cosmopolitan project in Tulsa, they are a high-energy and professional organization which is a great fit with our vision of multifamily development.”


 

Parse Capital Makes $8.2 Million Preferred Equity Investment in Harrison, New Jersey. Multifamily Development

January 26, 2017 – Parse Capital (“Parse”) has made a $8.2 million preferred equity investment in an the development of One Harrison (“Project”), a luxury apartment project in Harrison, New Jersey.

Once improved, the Project will consist of 257 market-rate rental units in a five-story mid-rise multifamily housing community. Project construction commenced in February 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 PNC Bank, and a significant equity investment made by the project sponsors.
“We are pleased to complete our first transaction with the sponsors” said Charles Laing, Managing Director at Parse.  “They are best in class developers. We look forward to working with them on this transaction, as well as future ones.”

 

Parse Capital Makes $13.0 Million Preferred Equity Investment in Pittsburgh, Pennsylvania Multifamily Development

October 7, 2016 – Parse Capital (“Parse”) has made a $13.0 million preferred equity investment in the development of Mission Lofts Riverfront Landings (“Project”), a luxury apartment project in the Strip District outside of downtown Pittsburgh, Pennsylvania.

Once improved, the Project will consist of 364 market-rate rental units in five-story mid-rise multifamily housing community and is expected to be completed in mid-2018.
Parse’s investment was part of a larger financing package, which also included a first mortgage loan provided by Fifth Third Bank, and a significant equity investment made by the project sponsor.
“We are pleased to complete our first transaction with the sponsor,” said Charles Laing, Managing Director at Parse.  “They are best in class developers. We look forward to working with them on this transaction, as well as future ones.”
From the sponsor: “In addition to a superior financial structure, [we] felt that Parse’s team of professionals was truly exceptional. They had the real estate vision to recognize the enormous potential of this project as well as the technical expertise to close a complicated transaction both creatively and efficiently. It was a pleasure working with Parse and we hope to partner with them again on many future projects.”

 

 

Parse Capital Makes $12.0 Million Preferred Equity Investment in Denver, Colorado Multifamily Development

April 7, 2016 – Parse Capital (“Parse”) has made a $12.0 million preferred equity investment in the development of Mission Lofts Solana Lucent Station, a luxury garden apartment project in the Highlands Ranch sub market, just outside of the Denver metro.

Once developed, Solana Lucent Station will consist of 285 luxury rental units with a combination of one, two and three bedroom apartments.  Construction commenced in April 2016, and is expected to be completed in late 2018.
Parse’s $12.0 million preferred equity investment was part of a larger financing package, which also included a first mortgage loan provided by Bank of the Ozarks, and a significant equity investment made by the sponsor. HFF arranged the debt placement.
“We are pleased to complete our first transaction with RP on one of the last remaining multifamily development tracts within the highly-desirable Highlands Ranch master plan. The sponsor has successfully developed similar projects throughout the Denver market, and we are excited to have the opportunity to partner with them on this one,” said Charles Laing, Managing Director at Parse.
From the sponsor: “Our experience in working with the entire team at Parse has been fantastic. We are very excited to develop a quality project in the Highlands Ranch sub market, which has significant barriers to entry. We look forward to a long relationship with Parse.”

 

Parse Capital Closes $13.5 Million Preferred Equity Investment in Boston, Massachusetts Multifamily Development

April 5, 2016 – Parse Capital (“Parse”) has made a $13.5 million preferred equity investment in the development of Mission Lofts Serenity, a luxury high rise apartment project in the Longwood Medical Area of Boston, MA.

Once improved, Serenity will consist of a single, fifteen-story Class A residential building that will contain 195 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, outdoor swimming pool with sun deck, and 1,860 square feet of ground-level retail space.  Additionally, there will be surface parking spaces as well as a multi-level secured parking deck.  Construction commenced in Fall of 2015, and is anticipated to be completed in Spring of 2017.
Parse’s $13.5 million preferred equity investment was part of a larger financing package, which also included a first mortgage loan provided by US Bank, and a significant equity investment made by the project sponsor.  CBRE arranged the financing for the sponsor.
“We are pleased to have the opportunity to partner with the sponsor in financing the development of Serenity,” 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: “Parse showed great diligence in sticking through a long closing process. We look forward to completing a great project for the community, and continuing our relationship with Parse.”

 

 

Parse Capital Closes $18.9 Million Preferred Equity Investment in Charlotte, North Carolina Multifamily Development

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.”