SPC provides $1.6 mln to JJ’s Holdings LP

Soaring Pine Capital has provided $1.6 million in financing to JJ’s Holdings LP, owner of the former Birchmount Estates property in Mount Morris Township, Michigan. The capital will be used to buy 20 buildings in Mount Morris.


BIRMINGHAM, Mich., June 1, 2017 /PRNewswire/ –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 $1.6 million loan to JJ’s Holdings, LP, the owner of the former Birchmount Estates property, in Mount Morris Township, Mich. The overall purchase and renovation is approximately $2 million.

The proceeds of the loan were used to purchase 20 buildings in Mt. Morris, formerly called Birchmount Estates. Buyer and operator Paul Lalli is a commercial real estate developer from western Canada, who formed JJ’s Holdings, LP to acquire, own, and manage the 159-unit multifamily property. The buildings are located on more than 10 acres and consist of 160,540 square feet of gross rentable space. Currently, six of the buildings, which contain 48 of the 159 units, are not rentable. As part of the loan, SPC is providing construction financing to enable Lalli to renovate and subsequently rent the down units.

SGH Founder and Chairman Sam Simon said, “We’re happy to support visionary business owners like Paul who want to update multifamily properties. By restoring 30 percent of the current unrentable units, he’ll transform the property, renew the residents and energize the Mt. Morris business community.”

According to Lalli, “Multifamily properties are the foundation and cornerstone of our communities and neighborhoods throughout the U.S. and in my native country of Canada. I’m looking forward to renovating the former Birchmount Estates and helping it grow to new levels to satisfy the needs of the local community. I appreciate the support we received from the Soaring Pine Capital team, as well as how quickly SPC was able to close on the deal.”

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 Simon Group Holdings
Simon Group Holdings (SGH) was created in 1985 with the founding of Atlas Oil Company by Sam Simon. SGH has 120 companies and direct investments, 3,000 customers and 1,000 employees. Its growth is fueled through digital disruption and by investing in operationally experienced entrepreneurs who have a vision and hunger to reinvent their respective industries. SGH has interests in comprehensive energy solutions; fuel supply; oil field services; logistics and transportation; real estate; private equity; technology services; aerospace and defense; and turnkey modular solutions.

Learn more at www.simongroupholdings.com.