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

Shopoff Realty Investments announced the securing of $52 million in financing from Peachtree Group for The Block at Elliot, a 270-acre undeveloped land project in Mesa, Arizona. This financial boost is set to propel the project into 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 uncertainties.

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 in the process of finalizing the project's development plan and product mix with the city, with grading expected to begin in late 2025. The financing was facilitated by Walker & Dunlop's Mark Strauss and Rob Quarton, who praised the efficient closing of the complex deal.

This development not only signifies a major milestone for Shopoff Realty Investments but also underscores the potential economic and community benefits that The Block at Elliot project could bring to Mesa, Arizona. The advancement of such a large-scale development project is indicative of the resilience and growth potential within the real estate sector, despite prevailing market challenges.