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 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.