BIRMINGHAM, Mich., Nov. 21, 2016 /PRNewswire/ -- Soaring Pine Capital, a Simon Group Holdings company, announces that its affiliate Soaring Pine Capital Real Estate and Debt Fund, LLC has provided a senior secured credit facility to Park Street Group Realty Services, LLC.
Since 2008, Bloomfield Hills, Mich., based Park Street Group has participated in more than 1,500 residential property transactions in the Tri-County area, and in parts of Ohio and Indiana. The company's core business is to buy and sell performing and non-performing notes through affiliated companies. More recently, Park Street Group Reality has been acquiring residential properties, rehabbing, and then reselling them as rental or income properties to a sundry of domestic and foreign investors looking for higher returns than they can reasonably expect to earn through more traditional investment vehicles.
Soaring Pine Capital Real Estate Debt Fund II, which was formed in 2016, funded the transaction with equity. The fund was established to make opportunistic investments in a variety of real estate assets including undervalued commercial real estate, multi-family properties, and troubled loans secured by commercial real estate, in addition to special situations. Through this transaction, the fund extended a senior secured credit facility to Park Street Group which enables them to expand their residential acquisition and rehabilitation platform within Detroit, Wayne County, and from the Detroit Land Bank Authority, of which they are an approved purchaser.
Attorney Dean J. Groulx is Park Street Group founder and owner, and is spear-heading the company's growth. "Our group has had tremendous success identifying properties that can successfully be renovated, and either sold or leased at a substantial return to our investors. We're proud that we've made owning or renting a house more affordable as well as helping the overall market due to the beautification of these neighborhoods."
Simon Group Holdings Founder and Chairman Sam Simon said, "My leadership team and I have a strong commitment to supporting the revitalization of Detroit by financing successful entrepreneurs like Dean Groulx rebuild distressed properties. Based on Dean's vision and record, it's likely we'll provide additional credit over the next several months."
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 interests in comprehensive energy solutions; fuel supply; oil field services; logistics and transportation; real estate investment; private equity; technology services; and turnkey modular solutions. Its growth is fueled by more than 40 years of successful operational entrepreneurship, which has resulted in the creation of three new businesses since 2014, along with significant investments in three additional companies.
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SOURCE Soaring Pine Capital