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

Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, has successfully secured $52 million in financing from Peachtree Group for The Block at Elliot in Mesa, Arizona. This financing covers approximately 270 acres of undeveloped land and is set to propel the project into its next development phase, funding essential grading, offsite street, and utility improvements.

William A. Shopoff, President and CEO of Shopoff Realty Investments, expressed satisfaction with securing the financing amidst the current financial climate and market uncertainty. He highlighted the refinancing with Peachtree Group as a pivotal milestone that enables the advancement of the project. Since acquiring the land in 2022, Shopoff has achieved significant progress, including the project's annexation into Mesa and approval of a mass grading plan, setting the stage for development.

The firm is now collaborating with the city of Mesa to finalize the project's development plan and product mix. With a general contractor already engaged, grading work is expected to begin in late 2025. The financing process was supported by Mark Strauss and Rob Quarton of Walker & Dunlop, who navigated the complexities of the capital stack to ensure a successful closing. Strauss remarked on the excitement surrounding the project's progression into its next development phase.

This development not only signifies a major leap for Shopoff Realty Investments but also underscores the potential economic and community benefits for Mesa, Arizona, as the project moves forward. The Block at Elliot is poised to become a significant addition to the region's real estate landscape, contributing to local development and potentially attracting further investment to the area.