Soaring Pine Capital (SPC), a Simon Group Holdings (SGH) company, through its Soaring Pine Capital Real Estate and Debt Fund II, LLC, closed on a loan to Ace Investment Group, LLC for the purchase of three large apartment properties, in Detroit, Mich.
The proceeds of the loan were used to purchase three apartment complexes in Detroit, consisting of 150 total units. Buyer and operator Moses Shepherd is a commercial real estate investor who owns and self-manages multiple properties, and over 700 units, in Detroit through its management company, Jackson ACE.
“Our mission is to eradicate homelessness. We believe that acquiring these properties will help us achieve that goal,” Shepherd commented.
SPC established its relationship with Ace Investment Group in 2012, and this is SPC’s fifth investment in Detroit under its partnership with Moses Shepherd. SPC’s Managing Director of Real Assets, Faiz “Victor” Simon has worked closely with Shepherd on the investment details surrounding underwriting, occupancy, maintenance, etc.
Simon Group Holdings’ Founder and Chairman Sam Simon said, “Moses has been a great partner and we are pleased to work with him again. Moses brings high quality living to the community and works to educate his tenants and improve their lives.”