News

Parse Capital Closes $28.3 Million Preferred Equity Investment In Chicago, Illinois Multifamily Development

July 10, 2015 – Parse Capital (“Parse”) today announced the closing of a $28.3 million preferred equity investment that will be used to partially fund the ground-up development of Exhibit on Superior (“Project”), a mixed-use luxury apartment project in Chicago, Illinois. Once developed, the project will consist 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 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 $12.3 Million of Preferred Equity In Santa Clara, California Multifamily Development

March 31, 2015 – Parse Capital (“Parse”) in partnership with a premier sponsor, announced today the proposed ground-up development of Villas on the Boulevard (“Project”), 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 Makes $37.7 Million Preferred Equity Investment In Anaheim, California Multifamily Development

December 1, 2014 – Parse Capital (“Parse”) in partnership with a premier sponsor, announced today the proposed ground-up development of Jefferson Platinum Triangle (“Project”), 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 (“Project”), a luxury podium apartment project in The Village at The Rim Masterplan (“RIM PD”), northwest of downtown San Antonio, Texas.

Once complete, project will consist of 310 luxury rental units in a seven-story podium multifamily housing community, which will feature five stories of apartments, an indoor/outdoor amenity package, and a two-story 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.


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.

Parse Capital Announces Closing of a $14.7 Million Preferred Equity Investment In Atlanta, Georgia Multifamily Development

May 20, 2014 – Parse Capital (“Parse”) in partnership with two premier sponsors, announced today the proposed acquisition of The Office (“Project”), 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 high-rise multifamily housing community scheduled to be completed in the summer of 2015. Parse 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 $12.3 Million Preferred Equity Investment In Scottsdale, Arizona Multifamily Development

January 22, 2014 – Parse Capital (“Parse”) announces the closing of a $12.3 million preferred equity investment in an entity that is developing Optima Sonoran Village – Phase II (“Project”), the second of three phases that, upon completion, will constitute a Class “A” luxury multifamily development located in Scottsdale, Arizona. The project is scheduled to be complete in the summer of 2016, Phase II will comprise a total of three buildings, housing 394 luxury 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.