BIRMINGHAM, Mich., May 31, 2017 /PRNewswire/ -- Soaring Pine Capital (SPC), a Simon Group Holdings (SGH) company, through its Soaring Pine Capital Real Estate and Debt Fund II, LLC and the Fund's wholly-owned subsidiary, Lakeside 8, LLC, closed on a $1.05 million investment in an eight-note package of loans formerly held by a leading, independent Chicago-based community bank that specializes in serving small and medium sized businesses.
The notes have a combined face value of nearly $2 million, representing a 47 percent purchase price discount from the unpaid principal balance. In addition, the current appraised values of the eight properties collateralizing the notes is $1.9 million, equating to a loan-to-value (LTV) of 55 percent. The property types include retail, office, residential and condominiums. The pool of notes consists of seven different obligors.
SGH Founder and Chairman Sam Simon said, "We're happy to take advantage of an opportunity in the marketplace by purchasing the pool of eight notes at a substantial discount from par value. We will work with each of the obligors to maximize the value of the collateral supporting each of the loans. We appreciate the willingness and flexibility of the Bank to sell this pool of loans to Soaring Pine Capital. They have proven to be a reliable partner as we have purchased numerous notes from the Bank over the last several years."
Paul Schapira, Managing Partner, SPC
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.
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SOURCE Simon Group Holdings