Shopoff Provides $1.75 Million Mezzanine Loan to Phoenix Homebuilder
Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, has completed a $1.75 million mezzanine loan to GreenStreet Communities, a private homebuilder in the Phoenix metro area.
The short-term mezzanine loan is secured by a deed of trust to GreenStreet Communities and will provide financing for two new residential developments that are currently under construction in Phoenix. The Montecito development, located at the intersection of Montecito Avenue and 27th Street, will consist of 14 attached townhomes in a gated community. The Yale Court development is located off of 28th Street and will provide nine detached homes, some of which have already been pre-sold.
“The GreenStreet Communities team is committed to building better communities, with more than 100 years of combined design, construction and development experience. These two new communities represent their continued commitment to building great housing, providing two positive additions to the Phoenix market,” said Shopoff Realty Investments CEO William Shopoff.
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 25-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 and the entitlement of land assets. The 25-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group).
