Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, announced today that it has secured $52 million in financing from Peachtree Group for The Block at Elliot in Mesa, Arizona, which includes approximately 270 acres of undeveloped land. The financing will allow Shopoff to advance this project to the next stage of development providing funding for grading, offsite street and utility improvements.

“We are pleased to have secured financing for the project, especially considering the current financial climate and market uncertainty,” said Shopoff President and CEO William A. Shopoff. “Closing this refinance with the Peachtree Group is a significant milestone that now allows us to move into the next phase of this exciting project.”

Since its 2022 acquisition, Shopoff has secured approval for the project to be annexed into the city of Mesa and also secured city approval for a mass grading plan, allowing the project to move into development.

The firm is currently working with the city of Mesa to review and finalize the project’s development plan and product mix. A general contractor has also been engaged, and grading is anticipated to commence in late 2025.

Walker & Dunlop’s Mark Strauss and Rob Quarton supported the firm in securing financing.

“The deal had complexities in the structure of the capital stack. We are proud to have facilitated the loan to an efficient and successful closing,” said Mark Strauss, Managing Director at Walker & Dunlop. “We are excited to see the continued progress of The Block at Elliot as it moves into its next phase of development.”

About Shopoff Realty Investments

Shopoff Realty Investments is an Irvine, California-based real estate firm with a 33-year history of value-add and opportunistic investing across the United States. The company primarily focuses on proactively generating appreciation through the repositioning of commercial income-producing properties, the entitlement of land assets, and development projects. The 33-year history includes operating as Asset Recovery Fund, Eastbridge Partners, and Shopoff Realty Investments (formerly known as The Shopoff Group). Performance has varied in this time frame, with certain offerings generating losses. For additional information, please visit www.shopoff.com or call (844) 4-SHOPOFF.

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