Shopoff Realty Investments Secures Major Refinancing for Mesa Project
Shopoff Realty Investments Refinances $52 Million Project
Shopoff Realty Investments, a leading manager of opportunistic and value-add real estate projects, has successfully secured $52 million in financing from Peachtree Group for its latest undertaking. This funding is specifically aimed at The Block at Elliot, a comprehensive development situated on approximately 270 acres of land.
Advancing the Project’s Development
The injection of capital will significantly propel the project forward, addressing essential development needs such as grading and improvements to offsite streets and utilities. According to Shopoff President and CEO, William A. Shopoff, this financing is particularly crucial amid today's financial uncertainties, marking a pivotal moment that enables the team to transition to the next phase of their ambitious project.
Approval and Future Planning
Following the acquisition of the property in 2022, Shopoff Realty Investments has diligently navigated the approval process, securing the necessary city approvals to integrate the project into municipal planning frameworks. This has included obtaining approval for a mass grading plan, which is vital for moving forward with construction.
Collaborative Efforts and Anticipated Developments
Currently, Shopoff is collaborating with city officials to finalize a detailed development plan and product mix. Engaging with professional contractors, they expect grading activities to commence by late 2025, setting the stage for what promises to be a transformative development.
Expertise in Financing
Walker & Dunlop played a critical role in assisting Shopoff with securing the necessary financing. Mark Strauss and Rob Quarton from Walker & Dunlop, acknowledging the complexities associated with the capital stack, expressed pride in facilitating an efficient closing that will ultimately support the project’s advancement.
About Shopoff Realty Investments
Shopoff Realty Investments is an established real estate firm based in California, with over three decades of experience specializing in value-add and opportunistic investment strategies across the United States. The organization's core focus is on enhancing property value through proactive measures that include the repositioning of commercial properties and developing land assets. Historically, the firm has operated under various names, including Asset Recovery Fund and Eastbridge Partners. While the performance across their portfolio has experienced fluctuations, they remain committed to their investment objectives.
Contact Information
For further inquiries, interested parties can reach out to Jill Swartz at Spotlight Marketing Communications via phone at 949.427.1389 or email at jill@spotlightmarcom.com.
Frequently Asked Questions
What is the total amount secured for the project?
The project secured $52 million in financing from Peachtree Group.
What enhancements will the funding provide for the project?
The funding will facilitate grading and offsite street and utility improvements.
When is grading expected to commence?
Grading activities are anticipated to start in late 2025.
Who played a role in securing the financing?
Walker & Dunlop, specifically Mark Strauss and Rob Quarton, assisted in obtaining the financing.
What is the primary focus of Shopoff Realty Investments?
Shopoff Realty Investments focuses on value-add and opportunistic real estate investments across the United States.
About The Author
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