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.”