April 7, 2016 – Parse Capital (“Parse”) has made a $12.0 million preferred equity investment in the development of Solana Lucent Station (“Project”), 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.