BIRMINGHAM, Mich., Nov. 15, 2017 – 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 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. To learn more, visit www.encoredevco.com.