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.”