The Tribune

The Nassau-based Sterling Financial Group has launched its New Providence Opportunity Fund, while also acquiring the Ocean Terrace real estate development in the western part of the island.

The Opportunity Fund is a closed-end equity investment fund, featuring high net worth and institutional investors, and targeted at different real estate investment and development opportunities in the US. It is also focusing on projects hard-hit by the recession.

“We are pleased to bring New Providence Opportunity Fund to the market,” said Steve Tiller, Sterling’s president and chief operating officer. “We believe that the combination of our extensive real estate investment, development and management capability, and a highly efficient funding structure, is a recipe for success for many investors in today’s market.”

David Kosoy, Sterling’s chairman and chief executive, 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.”

Sterling also unveiled the acquisition and further development of Ocean Terrace, an ocean front condominium project located in west New Providence. The acquisition includes additional green-field acreage for future development.

“Ocean Terrace is now under new ownership and we are revitalising a project that has been idle for some time,” said Mr Tiller. “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.”

Mr Kosoy said: “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 said that over the past 30 years, its principals have acquired more than 5.5 million square feet of commercial real estate at a combined purchase price of over $2 billion. Prior to founding Sterling, its 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.