News

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.
“We are pleased to complete our first partnership with this sponsor,” said Bill Trefethen, Managing Partner of Parse.  “We are excited about the Denver market and looking forward to working with a seasoned real estate group like this developer on future projects”
From the sponsor: “Real Capital Solutions prides itself on delivering best-in-class assets in great locations.  By partnering with Parse Capital, we are able to maintain high levels of liquidity to pursue further investment opportunities.  We look forward to follow-on partnerships with Parse Capital.”

 

 

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. 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.”


 

 

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. “Our ability to offer developers flexibility and certainty of close is key in helping our clients finance multifamily development projects successfully and expeditiously across the country” 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 an expeditious fashion. We look forward to developing our partnership together and investing in their pipeline of projects.”

From the sponsor: “Parse’s capital markets expertise, industry knowledge 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 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. “In our second transaction with this sponsor, we were able to leverage our existing relationship and understanding of their platform along with our knowledge of the Southern California market to close quickly. We look to leverage our balance sheet and development experience with financially strong and experienced sponsors in major markets across the US,” said William Trefethen, Managing Partner of Parse Capital.

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.

From the sponsor: “The acquisition of Jefferson Platinum Triangle marks our second transaction with Parse Capital. Parse’s capital markets expertise, industry knowledge and submarket-specific knowledge provided for a smooth closing process on a large and complicated transaction. We look forward to growing our relationship with Parse.”

 

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.
“We are pleased to complete our fourth transaction with this sponsor,” said Charles Laing, Managing Director at Parse.  “They are world-class developers, and terrific partners.  We look forward to working with them on this transaction, as well as future ones.”
From the sponsor: “A key component of [our] sustained success in the ultra-competitive luxury apartment space is directly attributed to our firm’s long- standing strategic relationships with our capital partners. Parse’s holistic approach to multifamily development affords [us] a market competitive finance instrument that promotes maximum flexibility and the creativity necessary to deliver our collective vision to the marketplace.”

 

 

Parse Capital Announces Closing of a $7,286,000 Mezzanine Investment to Fund Class “A” Multifamily Development

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.”

Parse Capital Announces Closing of a $14,700,000 Preferred Equity Investment to Fund Class “A” Multifamily Development

May 20, 2014 – Parse Capital, LLC, in partnership with two premier sponsors, announced today the proposed acquisition of a vacant 20-story high rise office building in downtown Atlanta, Georgia. The partnership plans to redevelop the building into a 328-unit Class “A” luxury multifamily development scheduled to be completed in the summer of 2015. Parse Capital provided a $14.7 million preferred equity investment to fund the acquisition and redevelopment of the property, which totaled $53 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, the developer required reliable execution from an experienced investor that both understood the asset strategy, and took a balanced approach to negotiating the transaction documents.”

From the sponsor: “We saw a great opportunity to repurpose a vacant office building in a prime location in downtown Atlanta where there is incredible demand for additional multifamily residences. We believe this partnership will be a tremendous success.”

Parse Capital Announces Closing of a $12,250,000 Preferred Equity Investment to Fund Class “A” Multifamily Development

January 22, 2014 – Parse Capital, LLC announces the closing of a $12.25 million preferred equity investment in an entity that is developing the second of three phases that, upon completion, will constitute a Class “A” luxury multifamily development known as Optima Sonoran Village, which is located in Scottsdale, Arizona. Scheduled to be completed in the summer of 2016, Phase II will comprise a total of three buildings, housing 400 condo-quality luxury rental units, an estimated 5,400 square feet of commercial space, and resort style amenities, including a fitness center, indoor basketball and racquetball courts, lounge and game room, two outdoor pools and heated spas, landscaped open spaces, green roofs and streetscape improvements.

“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, the developer required reliable execution from an experienced preferred equity investor that both understood the asset strategy, and took a balanced approach to negotiating the transaction documents.”

Parse Capital Announces Closing of a $8,900,000 Mezzanine Loan to Fund Class “A” Multifamily DevelopmentDevelopment

July 1, 2013 – Parse Capital, LLC announces the closing of an $8.9 million mezzanine loan to finance the development of a class “A” apartment community in Los Angeles County. Upon completion in the fall of 2014, the LEED silver, transit-oriented project will be comprised of 349 rental units housed in two, four-story buildings offering a range of living options and resort style amenities.

“Our ability to offer borrowers 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, the developer required reliable execution from a mezzanine lender that both understood the asset strategy, and took a balanced approach to negotiating inter-creditor issues with the construction lenders.