May 4, 2017 -Parse Capital (“Parse”) has made a $6.9 million preferred equity investment in the development of The Cosmopolitan (“Project”), a luxury apartment project in Tulsa, Oklahoma.
Once improved, the Project will consist of 264 market-rate rental units in a four-story, mid-rise multifamily housing community. Project construction will commence in July 2017, and is scheduled to be completed at the end of 2019.
Parse’s investment was part of a larger financing package, which also included a first mortgage loan provided by Prosperity Bank with Valley National Bank as the participating lender, and a significant equity investment made the project sponsor.
“We are pleased to complete our first transaction with this 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: “We are excited to be partnering with Parse on The Cosmopolitan project in Tulsa, they are a high-energy and professional organization which is a great fit with our vision of multifamily development.”