Parse Capital Announces Closing of a $14,700,000 Preferred Equity Investment to Fund Class “A” Multifamily Development

May 20, 2014 – Parse Capital, LLC, in partnership with two premier sponsors, announced today the proposed acquisition of a vacant 20-story high rise office building in downtown Atlanta, Georgia. The partnership plans to redevelop the building into a 328-unit Class “A” luxury multifamily development scheduled to be completed in the summer of 2015. Parse Capital provided a $14.7 million preferred equity investment to fund the acquisition and redevelopment of the property, which totaled $53 million. “Our ability to offer developers flexibility and certainty of close is key in helping our clients finance multifamily development projects successfully and expeditiously,” said William Trefethen, Managing Partner of Parse Capital. “In this particular case, the developer required reliable execution from an experienced investor that both understood the asset strategy, and took a balanced approach to negotiating the transaction documents.”

From the sponsor: “We saw a great opportunity to repurpose a vacant office building in a prime location in downtown Atlanta where there is incredible demand for additional multifamily residences. We believe this partnership will be a tremendous success.”