HFF announces $14.5M preferred equity for development of mid-rise apartments in suburban Philadelphia

ATLANTA, GA – March 5, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces $14.5 million in preferred equity for the development of Skye 750, a 248-unit, mid-rise apartment community in King of Prussia, Pennsylvania.

The HFF team worked on behalf of the developer, LeCesse Development Corp., to arrange preferred equity from Parse Capital.

Due for completion in early 2020, Skye 750 will consist of a five-story building atop a concrete podium comprising one- and two-bedroom residential units averaging approximately 1,000 square feet.  Skye 750 will feature a resort-style clubhouse with a state-of-the-art fitness center, cyber café, juice bar, co-working, private movie theater, game room, sauna, fire pit, package delivery system and miscellaneous resident lounges throughout, as well as an outdoor courtyard with an infinity swimming pool, a fire pit and a summer kitchen.  Other amenities include a pet spa, bike repair and resident storage rooms.  The 5.2-acre site is situated just off PA Route 422 in the center of the King of Prussia Business Park, which encompasses 3.2 million square feet of office space.  Other nearby attractions include the King of Prussia Mall, Valley Forge Casino Resort, Valley Forge National Historic Park and countless additional shopping and dining options.

The HFF team representing the developer included managing directors Gregg Shapiro and Ryan Ade.

“We are very pleased to have partnered these two outstanding firms to help capitalize another first- class apartment development,” Shapiro said.

“Institutional investors like Parse Capital continue to show strong interest in the King of Prussia market for multi-housing development as a result of its wide employment base, centralized location in the suburbs of Philadelphia and world-class retail amenities,” Ade added.

About LeCesse Development Corporation
LeCesse Development Corp is an established real estate developer with over thirty-five years’ experience in the development, construction and financing of multifamily properties.  Consistently among the Top 100 residential developers in the U.S., as ranked by Builder magazine and Professional Builder, LeCesse has developed over 20,000 residential units in the Northeast, Mid-Atlantic, Southeast and Midwest, with over $2.5 billion in completed income producing projects.  Currently, LeCesse owns over 4,400 multifamily units in Florida, New York and Minnesota.

About Parse Capital
Parse Capital provides debt and non-control structured equity capital to multifamily developers and owners for the construction, acquisition and recapitalization of apartment communities throughout the United States.

About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry.  HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing.  HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF).  For more information, please visit hfflp.com or follow HFF on Twitter @HFF.


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