News

PARSE CAPITAL CLOSES $12.1 MILLION JOINT VENTURE EQUITY INVESTMENT IN LYNNWOOD, WASHINGTON MULTIFAMILY DEVELOPMENT

March 8, 2016 – Parse Capital (“Parse”) has made a $12.1 million joint venture equity investment in the development of Lynnwood City Center (“Project”), a senior apartment project in Lynnwood, Washington. Once complete, the project will include a five-story mid-rise consisting of 308 units.

Parse Capital Makes $9.0 Million Preferred Equity Investment in Pasadena, California Multifamily Development

July 18, 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 complete, 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.


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.

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 complete, the project will consist of 264 market-rate rental units in a four-story wrap 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.


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 the development of One Harrison (“Project”), a luxury apartment project in Harrison, New Jersey.

Once complete, the project will consist of 257 market-rate rental units in a five-story podium 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.

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 Riverfront Landing (“Project”), a luxury apartment project in the Strip District outside of downtown Pittsburgh, Pennsylvania.

Once developed, the project will consist of 364 market-rate rental units in five-story wrap multifamily 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 Solana Lucent Station (“Project”), 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 $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 in the development of Inspire Southpark (“Project”), a luxury mid-rise apartment project in Charlotte, North Carolina.`

Once complete, the project 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 (“Parse”) today announced the closing of a $14.1 million preferred equity investment in the development of Riverbend – Block E (“Project”), a luxury apartment project in Harrison, New Jersey. Once developed, the project will consist of 286 units in a five-story wrap multifamily housing community. 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

September 30, 2015 -Parse Capital (“Parse”) today announced the firm closed a $7.0 million preferred equity investment that will be used to partially fund the ground-up development of The Ridge at Thornton (“Project”), 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.