BIRMINGHAM, Mich., Nov. 15, 2016 /PRNewswire/ -- Soaring Pine Capital (Soaring Pine), a Simon Group Holdings company, announced that its affiliate LPI – Jordan, LLC (Jordan) received a payoff on its investment in MJS Financial, LLC (MJS).
On Oct. 31, 2014, Jordan provided virtually all of the acquisition financing that allowed MJS to acquire 10 apartment buildings (334 units) in the City of Detroit, from a regional bank. The sites include:
- Ambassador Arms, 16041 Schoolcraft
- Baton Rouge, 20611 W Chicago
- Dorchester Arms, 12925 Burt
- Le Chateau, 19225 Mound Road
- Mardi Gras, 18620 Chicago
- Northbrook Square, 9001 Southfield
- Redford Estates, 16800 Telegraph
- Southbrook Manor, 7250 Southfield Freeway
- Westbrook, 18331 W Chicago
- Worthfield, 11724 Greenfield
Jordan partnered with Detroit real estate veteran Moses Shepherd, who has been investing in real estate, in Detroit, for nearly 20 years. Jordan's investment in MJS was Simon Group Holdings company's second investment with Moses Shepherd; since then, they have made two additional investments with Shepherd.
In 2003, Shepherd, a perpetual entrepreneur, decided to read a few real estate books and purchase his first property. After remodeling the house, he was able to sell it quickly for a profit. A year later, Shepherd founded Ace Investment Group, which has purchased over 100 properties and has seven full-time employees. Due to changes in the real estate market, Shepherd now purchases properties and keeps them as rentals. He also owns an expanding SERVPRO franchise.
Ace Investment Group founder and owner Moses Shepherd, lauded both the payoff of Jordan and assistance that both Simon Group Holdings and the Simon family have provided him over the years, saying "I really appreciate the trust, loyalty, and dedication that the Simon family and Simon Group Holdings has for me as an individual and also as a real estate partner. I knew in my heart that I would be able to turn those 10 buildings around and I did just that."
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 Moses Shepherd rebuild distressed properties. The investment Jordan made in MJS, over the 23-month term, returned 1.4x the original capital invested and generated more than a 22 percent net internal rate of return. And, importantly, many Detroiters now have quality homes to rent."
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.
SOURCE Soaring Pine Capital