Sterling Financial launches New Providence Opportunity Fund and acquires Ocean Terrace
Sterling Financial launches New Providence Opportunity Fund and acquires Ocean Terrace Tuesday, September 2, 2014 Sterling Financial launches New Providence Opportunity Fund, a real estate investment fund, and announces its first real estate acquisition. “The New Providence Opportunity Fund, Ltd. presents an excellent opportunity to investors to capitalize on decades of property experience of its Sponsor and it drives significant synergies with the existing fixed income mortgage funds managed by Sterling Financial Group, Inc.” Nassau, The Bahamas based Sterling Financial Group (“Sterling”), announces the launch of the New Providence Opportunity Fund, Ltd. (the “Fund”). The Fund is a closed-end equity investment fund consisting of high net worth and institutional investors, which targets diverse real estate investment and development opportunities in the United States, Canada and the Caribbean. The Fund seeks to benefit from the Sterling’s access to fundamentally sound real estate investments including development opportunities that were financially challenged by the Recession. The Fund will be active in markets where Sterling has both extensive real estate experience and existing platforms. Leveraging its relationships with developers, real estate private equity firms, private family investors, entrepreneurs and financial institutions, the Sponsor will identify opportunities, and upon acquisition, provide value-add initiatives to maximize total returns. “We are pleased to bring New Providence Opportunity Fund to the market,” said Steve Tiller, President and COO of Sterling “We believe that the combination of our extensive real estate investment, development and management capability and a highly efficient funding structures, is a recipe for success for many investors in today’s market,” Tiller continued. David Kosoy, Sterling’s Chairman and CEO added, “we are pleased to add this fund to our other real estate offerings available, and I believe it is a great complement to our platform.” Simultaneously with the first closing of the Fund, Sterling is also announcing the acquisition and further development of Ocean Terrace, an existing ocean front condominium project located in the West end of New Providence island. The acquisition includes additional green-field acreage for future development. “Ocean Terrace is now under new ownership and we are revitalizing a project that has been idle for some time. It is a true sign of strong improvements currently experienced in the Nassau real estate market and especially in the highly sought after western district. The project is an excellent addition to the notable projects that Sterling is involved in and it is a terrific complement to our portfolio”, added Tiller. The Sterling platform focuses on providing access to alternative market opportunities without compromising the North American standard for risk management, operational efficiency and regulatory requirements. Sterling leverages a management team with interdisciplinary real estate experience, a strong internal infrastructure and partnerships with leading service providers in order to capitalize on unique real estate investments and structures. Kosoy further noted, “We have seen an increased demand from investors for quality real estate projects and funds that would diversify their exposure to traditional investments as well as providing attractive returns. We are pleased that we can offer a proven strategy on a tried and tested platform to a wider base of offshore and onshore investors through a product that has a potential to significantly enhance and diversify their portfolios.” Sterling Financial Group, Inc., a fully integrated and diversified real estate investment, development, management and services company that has an established track record of successes in the real estate industry. Over the past 30 years, Sterling and its principals have acquired over 5.5 million square feet of commercial real estate at a combined purchase price of over $2 billion. Prior to founding Sterling, the principals had previously been part of the controlling group of a publicly traded real estate company, which acquired and managed a portfolio of more than 20 million square feet of real estate across North America. Sterling is headquartered in Nassau, Bahamas.