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.