Soaring Pine Capital Closes on Loan to Encore Development for Troy Office Building

BIRMINGHAM, Mich., Nov. 15, 2017 /PRNewswire/ -- Soaring Pine Capital, the real estate vertical of Simon Group Holdings, has closed on a $1.5 million loan to Encore Development from its Real Estate and Debt Fund II. The loan will be used to purchase a 12,576 square-foot office building on 1787 W. Big Beaver in Troy, MI near Somerset Mall. The building is currently 70% occupied with several renters interested in the 4,100 square feet of space that is still available.

Jason Hamama, CEO of Encore Development, has a goal of incorporating this building into a larger mixed-use development project. Encore Development owns properties adjacent to the building, so Hamama plans to redevelop the entire area.

"This property has a lot of potential," commented Faiz Simon, Managing Director of Real Assets at Simon Group Holdings. "We're looking forward to seeing Jason's plans for redeveloping the area."

Hamama has an extensive commercial real estate background, owning over 300,000 square feet of office buildings and currently developing condos in Royal Oak and Troy.

About Soaring Pine Capital

Founded under the umbrella of Simon Group Holdings in 2014, Soaring Pine Capital (SPC) invests in lower middle market opportunities via private fund investment strategies in private equity and real estate. SPC's private equity funds focus on supporting visionary entrepreneurs and making middle market investments, particularly in the areas of energy, logistics, infrastructure, transportation, manufacturing and business services. Similarly, the SPC real estate investment funds focus on lower middle market real estate opportunities including undervalued real estate, note purchases, multifamily, bridge/hard money loans, etc.

About Encore Development

Founded by Jason Hamama in 2013, Encore Development is a full-service real estate investment company that focuses on ground-up and redevelopment of commercial and multi-family properties. Encore's boutique style firm brings a modern touch to real estate. Hamama owns over 300,000 square feet of office buildings with upcoming condo developments in Royal Oak, MI and Troy, MI.

Related Links:

www.simongroupholdings.com

www.encoredevco.com

SOURCE Simon Group Holdings