Shopoff Realty Investments Secures $52 Million Refinance for Mesa Development Project

Shopoff Realty Investments announced the securing of $52 million in financing from Peachtree Group for The Block at Elliot, a 270-acre undeveloped land project in Mesa, Arizona. This financial injection is earmarked for grading, offsite street, and utility improvements, propelling the project into its next development phase. William A. Shopoff, President and CEO of Shopoff Realty Investments, highlighted the significance of this achievement amidst the current financial climate and market uncertainties.

Since acquiring the project in 2022, Shopoff has successfully navigated the annexation of the project into Mesa and obtained city approval for a mass grading plan. The firm is now collaborating with Mesa to finalize the development plan and product mix, with grading expected to start in late 2025. The involvement of a general contractor has been confirmed, signaling progress towards the project’s realization.

Walker & Dunlop played a pivotal role in securing the financing, with Managing Director Mark Strauss acknowledging the complexities of the deal’s capital structure. Strauss expressed pride in facilitating the loan to a successful closure and anticipation for the project’s advancement. This refinancing not only underscores the viability of The Block at Elliot but also reflects confidence in the project’s potential to contribute to Mesa’s growth and development.

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