|By PR Newswire||
|September 4, 2013 12:10 PM EDT||
LAGUNA BEACH, Calif., Sept. 4, 2013 /PRNewswire/ -- Parse Capital, LLC announces the closing of an $8.9 million mezzanine loan to finance the development of a class "A" apartment community in Los Angeles County. Upon completion in the fall of 2014, the LEED silver, transit-oriented project will be comprised of 349 rental units housed in two, four-story buildings offering a range of living options and resort style amenities.
"Our ability to offer borrowers 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 a mezzanine lender that both understood the asset strategy, and took a balanced approach to negotiating inter-creditor issues with the construction lenders."
The developer, Realm Group, LLC, is a partnership between Realm Real Estate, LLC, an experienced commercial real estate development company, and The Bascom Group, LLC, which develops and acquires multifamily and office properties throughout Southern California in both urban and suburban submarkets. The Bascom Group, LLC is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate-related investments and operating companies.
Parse Capital, LLC (www.parsecap.com) is a specialty finance and investment company focused on providing capital to the commercial real estate industry. Parse offers a range of senior and subordinated investment products to finance a variety of transactions including acquisition, refinancing, repositioning, seasoning and development. Parse is managed by a seasoned staff experienced in capital markets, real estate finance, operations and development. Parse's product lines include term lending, bridge lending, junior participation lending, mezzanine lending, preferred equity investing, and structured mortgage financing. Currently, Parse is targeting investments throughout the country with a specific focus in the multifamily sector, in which it seeks to invest $5 million to $20 million in each transaction. Parse is interested in financing experienced developers, operators and owners with a footprint in their particular geography.
SOURCE Parse Capital, LLC