April 5, 2016 – Parse Capital (“Parse”) has made a $13.5 million preferred equity investment in the development of Mission Lofts Serenity, a luxury high rise apartment project in the Longwood Medical Area of Boston, MA.
Once improved, Serenity will consist of a single, fifteen-story Class A residential building that will contain 195 units with a combination of studios as well as one, two and three bedroom apartments. Project amenities will include a fitness center, common area great room/lounge, outdoor swimming pool with sun deck, and 1,860 square feet of ground-level retail space. Additionally, there will be surface parking spaces as well as a multi-level secured parking deck. Construction commenced in Fall of 2015, and is anticipated to be completed in Spring of 2017.
Parse’s $13.5 million preferred equity investment was part of a larger financing package, which also included a first mortgage loan provided by US Bank, and a significant equity investment made by the project sponsor. CBRE arranged the financing for the sponsor.
“We are pleased to have the opportunity to partner with the sponsor in financing the development of Serenity,” said Parse Managing Director Charles Laing. “We are excited about this project, and look forward to working with them in the future.”
From the sponsor: “Parse showed great diligence in sticking through a long closing process. We look forward to completing a great project for the community, and continuing our relationship with Parse.”