Soaring Pine Capital Secures Payoff on Loan for Detroit Apartment Complex
BIRMINGHAM, Mich., Dec. 22, 2017 /PRNewswire/ -- Soaring Pine Capital (SPC), the real estate vertical of Simon Group Holdings (SGH), has secured a payoff on a loan from its Real Estate and Debt Fund II, LLC, to Ace Investment Group, LLC for the purchase of an apartment complex consisting of 102 units in Detroit, MI. Buyer and operator Moses Shepherd is a commercial real estate investor who owns and self-manages hundreds of properties in Detroit through its management company, Jackson ACE.
With a mission to eradicate homelessness, Shepherd's goal was to rehabilitate the property and provide tenants with affordable and improved living conditions. Since the time he purchased the property (previously Rouge Park Apartments), which was at roughly 68% occupancy in March 2016, Shepherd upgraded the facility and filled the units with new tenants. The complex is now at almost 100% occupancy.
"Moses' commitment to improving living conditions for Detroit residents is what made this a successful deal," commented Faiz "Victor" Simon, Managing Director of Real Assets at Simon Group Holdings. "It is great to work with Moses on deals such as this; it's a win for the sponsor, the lender and the community."
Simon Group Holdings established its relationship with Ace Investment Group in 2012 and has closed on five investments in Detroit under its partnership with Moses Shepherd. Simon has worked closely with Shepherd on the investment details surrounding underwriting, occupancy, maintenance, etc.
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 Ace Investment Group
Ace Investment Group LLC, was founded by Moses Shepherd June 2003. Shepherd's mission is to help revitalize Detroit by providing attractive and contemporary housing options for residents and businesses. Today, Ace Investment Group represents one of the largest African American owned apartment portfolios in the city of Detroit. Additionally, along with its management company Jackson ACE, it is the largest housing provider for local nonprofit agencies in the City and assists hundreds of families in a common mission to help eradicate homelessness.
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