Bahamas-based Sterling Global Financial Finances Land Assembly for Major Redevelopment in Metropolitan Boston
Bahamas-based Sterling Global Financial Finances Land Assembly for Major Redevelopment in Metropolitan Boston Friday, September 9, 2016 Sterling Global Financial, an integrated banking and financial services provider with more than US$9 billion in assets under administration and operations in The Bahamas and the Cayman Islands, revealed today that one of its funds has provided bridge financing for the land assembly of a major redevelopment that will dramatically transform a South Boston community. Artist’s rendering of Washington Village, a nearly 5-acre, 975,000 square foot development including 656 residential units, 104,000 square feet of retail space and 648 parking spaces, a project expected to revitalize Andrew Square in South Boston. Bahamas-based Sterling Mortgage Income Fund, formerly New Providence Income Fund, an award-winning Sterling Global Financial vehicle for real estate financing, participated in the funding of the land assembly. Called Washington Village, the project is one of the largest undertaken by Sterling’s award-winning Sterling Mortgage Income Fund (SMIF), formerly New Providence Income Fund (NPIF). The Washington Village project is generating buzz in a New England city which is welcoming it to both ease a housing crunch and provide a much-needed shot in the arm to an area of Boston that is ready for redevelopment. The site is approximately five acres of mostly low rise, underutilized industrial and commercial properties that will be redeveloped with eight buildings ranging in height from 3-storey to 21-storey towers. Washington Village will house 656 residential units catering to families of varying sizes from single young professionals to multi-generation families. It will total 975,000 square feet, including 104,000 square of retail space and 648 parking spaces. Restaurants, cafes, outdoor dining, well-landscaped promenades, plazas and green spaces are expected to add to its appeal. Retail space will include a grocery store, pharmacy and other essential services. Inspiration for the redevelopment of the South Boston square was driven in part by the announcement that $50 billion corporate goliath GE was moving its headquarters to Boston, a move that will require additional housing and boost the local economy. “GE’s announcement triggered a great deal of energy and excitement for the Boston area and especially South Boston which has so much potential,” said David Kosoy, Sterling Global Chairman. “We are pleased to be a contributing partner in Washington Village which will totally transform an underutilized part of one of America’s iconic cities into a landmark for the new urbanism that is attracting so many who once fled to the suburbs and are now returning to a revitalized type of city life. As more companies join the march back to cities, we look forward to new opportunities to fund projects like this that make communities stronger.” Washington Village is the latest project financed by funds administered by Sterling Global Financial. Among its several concurrent activities are the financing of the new Marriott Courtyard in downtown Nassau, Bahamas and its investment as an equity partner in Thirty Six, a $30 million luxury condominium project on Paradise Island which broke ground last month. Sterling Global Financial has more than $9 billion under administration serving over 1,500 clients. Sterling Global Financial also offers private banking through Sterling Bank & Trust and operates The Cayman Island’s oldest trust company, recently rebranded as Sterling Trust (Cayman).