Irvine-based Shopoff Realty Investments announced today it secured $52 million in financing from Peachtree Group to develop The Block at Elliot in Mesa, Arizona.
The financing would help Shopoff Realty fund the next stage of development at The Block, which includes 270 acres of undeveloped land. That next stage of work would include grading, offsite street improvements and utilities.
Shopoff Realty purchased the site where The Block at Elliot would be built in 2022 and has since secured approvals for the project to be annexed into the city of Mesa, a suburb about 20 miles east of downtown Phoenix.
Mesa officials and Shopoff Realty are working to “review and finalize the project’s development plan and product mix,” according to a company statement.
Shopoff Realty confirmed it has engaged with a general contractor but did not disclose its identity. Grading is scheduled to start later this year.
Walker & Dunlop’s Mark Strauss and Rob Quarton helped secure financing.