October 19, 2015 – Parse Capital (“Parse”) today announced the closing of a $14.1 million preferred equity investment in the development of Riverbend – Block E (“Project”), a luxury apartment project in Harrison, New Jersey. Once developed, the project will consist of 286 units in a five-story wrap multifamily housing community. 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.