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.”
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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