April 7, 2016 – Parse Capital (“Parse”) has made a $12.0 million preferred equity investment in the development of Mission Lofts Solana Lucent Station, a luxury garden apartment project in the Highlands Ranch sub market, just outside of the Denver metro.
Once developed, Solana Lucent Station will consist of 285 luxury rental units with a combination of one, two and three bedroom apartments. Construction commenced in April 2016, and is expected to be completed in late 2018.
Parse’s $12.0 million preferred equity investment was part of a larger financing package, which also included a first mortgage loan provided by Bank of the Ozarks, and a significant equity investment made by the sponsor. HFF arranged the debt placement.
“We are pleased to complete our first transaction with RP on one of the last remaining multifamily development tracts within the highly-desirable Highlands Ranch master plan. The sponsor has successfully developed similar projects throughout the Denver market, and we are excited to have the opportunity to partner with them on this one,” said Charles Laing, Managing Director at Parse.
From the sponsor: “Our experience in working with the entire team at Parse has been fantastic. We are very excited to develop a quality project in the Highlands Ranch sub market, which has significant barriers to entry. We look forward to a long relationship with Parse.”