BIRMINGHAM, Mich., Feb. 5, 2018 /PRNewswire/ — Soaring Pine Capital (SPC), the real estate vertical of Simon Group Holdings, has purchased a note from Ultima Bank for two c-store gas station properties in Minnesota. One of the properties is located in East Grand Forks, and the other is located in Crookston.
SPC arranged a workout with the previous owner, who owed Ultima Bank $2.6 million on the property.
“We believe the workout was a win-win for all parties involved. This was a great deal,” commented Faiz Simon, Managing Partner at Simon Group Holdings.
In addition to the gas station convenient stores, the properties are both mixed developments and include multiple tenants. Simon and the SPC real estate group see tremendous opportunity for these properties.
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.
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SOURCE Simon Group Holdings