Soaring Pine Capital has provided a $3.425 million loan to Ace Investment Group. The financing will be used to rehabilitate three Detroit-based apartment complexes.
BIRMINGHAM, Mich., Nov. 5, 2018 /PRNewswire/ — Soaring Pine Capital, the real estate vertical of Simon Group Holdings, has closed on a $3.425 million loan to Ace Investment Group, LLC from its Real Estate and Debt Fund II for three apartment complexes in Detroit, MI.
The three complexes consist of 144 units and six buildings.
“Moses has rehabilitated many properties within the city of Detroit, and we’re confident these buildings will improve these communities,” commented Faiz “Victor” Simon, Managing Partner of Simon Group Holdings.
Soaring Pine Capital has worked with Ace Investment Group on multiple Detroit property deals since 2012, which have all yielded success. Buyer and operator Moses Shepherd is a commercial real estate investor who owns and self-manages hundreds of properties in Detroit through its management company, Jackson ACE.
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.