October 7, 2016 – Parse Capital (“Parse”) has made a $13.0 million preferred equity investment in the development of Mission Lofts Riverfront Landings (“Project”), a luxury apartment project in the Strip District outside of downtown Pittsburgh, Pennsylvania.
Once improved, the Project will consist of 364 market-rate rental units in five-story mid-rise multifamily housing community and is expected to be completed in mid-2018.
Parse’s investment was part of a larger financing package, which also included a first mortgage loan provided by Fifth Third Bank, and a significant equity investment made by the project sponsor.
“We are pleased to complete our first transaction with the sponsor,” said Charles Laing, Managing Director at Parse. “They are best in class developers. We look forward to working with them on this transaction, as well as future ones.”
From the sponsor: “In addition to a superior financial structure, [we] felt that Parse’s team of professionals was truly exceptional. They had the real estate vision to recognize the enormous potential of this project as well as the technical expertise to close a complicated transaction both creatively and efficiently. It was a pleasure working with Parse and we hope to partner with them again on many future projects.”