October 19, 2015 – Parse Capital today announced the closing of a $14.1 million preferred equity investment in a 286 unit, Class A multi-family development located in Harrison, New Jersey. Parse’s investment is part of a larger $77.6 million financing, which also includes a first mortgage loan provided by Wells Fargo Bank.
The 5-story development will feature 286 luxury multifamily residences, on-site structured parking and extensive indoor and outdoor amenities. Situated near the Harrison PATH station, which currently is undergoing a $256 million renovation, and the 25,000-seat Red Bull Arena, home to professional soccer’s New York Red Bulls, the development will play a vital role in Harrison’s ongoing emergence as a top destination for residents who seek a premium “live-work-play” lifestyle in a modern, urban setting. The developers are projecting a completion in late 2017.
“We are excited about the Harrison market, and look forward to working with a solid regional developer with strategic relationships in the New York and New Jersey MSA,” said William Trefethen, Managing Partner of Parse.
From the sponsors: “Harrison is a well-located dynamic transit community with the wind at its back. We are thrilled to have established a relationship with Parse, and to have completed another successful transaction with Wells Fargo Bank”.