News

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.

 

 

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.

 

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.

 

 

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.

 

Parse Capital Closes $14.1 Million Preferred Equity Investment in Harrison, New Jersey Multifamily Development

October 19, 2015 – Parse Capital today announced the closing of a $14.1 million preferred equity investment in a 286 unit, Class A multi-family development located in Harrison, New Jersey.  Parse’s investment is part of a larger $77.6 million financing, which also includes a first mortgage loan provided by Wells Fargo Bank.

The 5-story development will feature 286 luxury multifamily residences, on-site structured parking and extensive indoor and outdoor amenities. Situated near the Harrison PATH station, which currently is undergoing a $256 million renovation, and the 25,000-seat Red Bull Arena, home to professional soccer’s New York Red Bulls, the development will play a vital role in Harrison’s ongoing emergence as a top destination for residents who seek a premium “live-work-play” lifestyle in a modern, urban setting. The developers are projecting a completion in late 2017.

 

Parse Capital Closes $7.0 Million Preferred Equity Investment in Thornton, Colorado Multifamily Development (Denver MSA)

September 30, 2015 -Parse Capital today announced the firm closed a $7.0 million preferred equity investment that will be used to partially fund the ground-up development of a 3 story, Class A, garden project, consisting of 280 residential apartments.

The preferred equity investment is part of a larger $53.9 million financing, which also included a first mortgage loan, provided by PNC Bank and equity capital provided by the sponsor.

 

 

Parse Capital Closes $28.3 Million Preferred Equity Investment For Chicago Multifamily Development

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.


 

 

Parse Capital Announces Closing of a $12,277,400 Preferred Equity Investment to Fund Class “A” Multifamily Development

March 31, 2015 – Parse Capital, LLC, in partnership with a premier sponsor, announced today the proposed ground-up development of a 186-unit multifamily project in Santa Clara, California. The partnership plans to develop the Class “A” luxury multifamily development and is scheduled to be leasing up in the fall of 2016. Parse Capital provided a $12.3 million preferred investment to fund the development of the apartment community, which totaled approximately $75.0 million.

 

Parse Capital Announces Closing of a $37,686,400 Preferred Equity Investment to Fund Class “A” Multifamily Development

December 1, 2014 – Parse Capital, LLC, in partnership with a premier sponsor, announced today the proposed ground-up development of a 400-unit multifamily project in Anaheim, California. The partnership plans to develop the Class “A” luxury multifamily development and is scheduled to be leasing up in the summer of 2016. Parse Capital provided a $37.7 million preferred investment to fund the development.

Jefferson Platinum Triangle is centrally located within the City of Anaheim’s prestigious Platinum Triangle District, an 840-acre transit-oriented urban development, guided by the Platinum Triangle Master Land Use Plan bringing high density, mixed-use, office, restaurant, and residential projects to the heart of Orange County inter-connected by the brand new $184 million ARTIC Amtrak Station and planned 6.4 mile long Anaheim Rapid Connection (“ARC”) guided streetcar system anticipated to be operational by 2018. ARC plans currently reflect a streetcar stop almost adjacent to Jefferson Platinum Triangle’s front door on Katella Avenue approximately 1.5 miles West of the ARTIC station and 1.5 miles East of the Disney Resort and Anaheim Convention Center.

 

Parse Capital Makes $13.5 Million Preferred Equity Investment in San Antonio, Texas Multifamily Development

November 19, 2015 – Parse Capital (“Parse”) has made a $13.5 million preferred equity investment in the development of Ridgeview at the Rim (the “Project”), a luxury podium apartment project in The Village at The Rim Masterplan (“RIM PD”), northwest of downtown San Antonio, Texas.

Once improved, Project will consist of 310 luxury rental units in a seven-story mid-rise multifamily housing community, which will feature five stories of apartments, an indoor/outdoor amenity package, and a two-story podium structured parking deck overlooking the Rim PD.  This urban infill Class “A” development is prominently positioned at the apex of Talavera Boulevard in the heart of the RIM PD.  Project construction is expected to be completed in early 2018.
Parse’s $13.5 million preferred equity investment was part of a larger financing package, which also included a first mortgage loan provided by PNC Real Estate, and a significant equity investment made by the project sponsor.