Shopoff Realty Investments Secures $52 Million Refinance for Mesa Development

Shopoff Realty Investments announced the securing of $52 million in financing from Peachtree Group for The Block at Elliot in Mesa, Arizona, a project encompassing approximately 270 acres of undeveloped land. This financing is pivotal for advancing the project to its next development phase, covering costs for grading, offsite street, and utility improvements. William A. Shopoff, President and CEO of Shopoff Realty Investments, highlighted the significance of this achievement amidst the current financial climate and market uncertainty.

Since acquiring the project in 2022, Shopoff has successfully navigated the annexation of the project into Mesa and obtained city approval for a mass grading plan. The firm is now collaborating with Mesa to finalize the project's development plan and product mix, with grading expected to begin in late 2025. Walker & Dunlop's Mark Strauss and Rob Quarton played a crucial role in securing the financing, overcoming complexities in the capital stack structure.