Shopoff Realty Investments Secures $52 Million Refinance for Mesa Development
Shopoff Realty Investments has secured $52 million in financing for The Block at Elliot in Mesa, Arizona, marking a significant step forward in the development of the 270-acre 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 refinancing is pivotal for advancing the project into its next development phase, covering costs for grading, offsite street, and utility improvements. William A. Shopoff, President and CEO of Shopoff Realty Investments, highlighted the significance of this achievement amidst current financial uncertainties, noting it as a milestone that propels the project forward.
Since acquiring the project in 2022, Shopoff has successfully navigated the annexation of the land 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 begin in late 2025. The financing was facilitated by Walker & Dunlop's Mark Strauss and Rob Quarton, who addressed the complexities of the capital stack to ensure a smooth closing.
This development not only underscores Shopoff's commitment to transforming underutilized land into valuable assets but also signals positive economic activity for Mesa, potentially creating jobs and stimulating local businesses. The Block at Elliot represents a significant investment in the region's infrastructure and real estate market, with long-term benefits for the community and investors alike.