Vision, determination and teamwork are characteristics of Simon Group Holdings leaders as well as a relentless drive to win and deliver for our customers. My congratulations to our Soaring Pine Capital (SPC) and VESTA Modular teams who both had good news this week.
SPC and its affiliate LPI – Berkshire Estates received a final payoff on its loan to Night Owl Investments. As background, in May 2015, Berkshire financed a $550,000 loan and provided a $2 million line of credit for the purchase of land and development of 25 detached condominium villas in Warren, Mich., across from the General Motors Technical Center. The development was in response to GM’s announcement in 2014, to invest $1 billion in its Tech Center and add 2,600 jobs over the next four years.
SPC/Berkshire backed longtime developer Joseph L. Caradonna of Night Owl Investments, as he purchased, developed and successfully sold the townhomes to extinguish the loan.
The VESTA Modular team, led by Dan McMurtrie and Billy Hall, has nearly completed a 4,000 square foot modular facility at the Clarksville Campus, at Nashville State College. Late last year, they completed their first project for Walmart – providing a modular facility to be used for transportation and logistics at a Southeast Distribution Center.
On behalf of my Simon Group Holdings leadership team, we want to thank our customers. We look forward to making 2017 our most successful year yet.