BIRMINGHAM, Mich., Dec. 19, 2017 – Soaring Pine Capital, the real estate vertical of Simon Group Holdings, has secured payoff from its borrower, Encore Development, on a $650,000 loan from its Real Estate and Debt Fund II. The hard-money loan was a short-term bridge loan that was finalized in October 2017 with a complete payoff within two months. Encore Development used the loan to purchase a 38,617 square-foot, two-story building on 17200 E. Ten Mile in Eastpointe, MI. The site area is approximately 2.31 acres and was constructed pre-1950’s. The zoning of the property allows for both office and industrial uses.
Jason Hamama, CEO of Encore Development, negotiated the original asking price and had a LOI to sell the building once it was purchased.
“What we expected to be a six-month deal wrapped up in less than two months,” commented Faiz Simon, Managing Director of Real Assets at Simon Group Holdings. “It was much faster than we expected.”
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 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 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.
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