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Sterling renames flagship fund

Bahamas-based Sterling Global Financial, a real-estate based financial services wealth management firm, has announced that its New Providence Income Fund is now the Sterling Mortgage Income Fund. 

Monday, October 24, 2016
Wednesday, February 1, 2017

Sterling-Global-FinancialBahamas-based Sterling Global Financial, a real-estate based financial services wealth management firm with more than $9 billion under administration, announced it has officially renamed its flagship mortgage income fund.

“New Providence Income Fund (NPIF) is now the Sterling Mortgage Income Fund (SMIF), reflecting its expanded portfolio, reach of investments, operations and growth,” said Sterling Global Financial chairman and chief executive officer David Kosoy.

The fund, singularly dedicated to real estate investment and property development financing, earned 13.8 per cent return on investment in 2015 and in the four years since its inception has reported average earnings above 12 per cent.

A separate fund under Sterling’s umbrella, the Sterling Global Opportunity Fund, operates as a closed end equity real estate investment fund.

“In 2006, we began with a single office on East Bay Street and a small, but very strong team, including directors here and abroad who brought decades of invaluable experience in investment services. Since then, our master fund, now Sterling Mortgage Income Fund, managed by our Nassau office has enjoyed steady growth. Earlier this year we acquired one of the oldest trust companies in The Cayman Islands which we re-named Sterling Trust (Cayman), and in May, we celebrated the launch of Sterling Bank & Trust (Bahamas) Ltd., after being granted a full banking license by The Central Bank of The Bahamas,” said Kosoy.

That trending growth and gradual expansion, he said, warranted the name change from New Providence to Sterling, reflecting the fund’s position in an expanding family of associated companies.

“Investing in real estate by way of mortgages is very different from other types of investment,” said Kosoy. With property, you see it, you touch it, it’s real and it is not going anywhere. You will experience market shifts, but you have your clients’ and your principals’ assets in opportunities that are not going to vanish. That’s both the beauty and the excitement of working with mortgage funds whether debt or equity or whether building from the ground up or buying an existing project at the right price and selling at an even better price.”

Locally, Sterling Global is participating in several ongoing projects including Marriott Courtyard in downtown Nassau, Sky Beach Resort in Eleuthera, Paradise Beach Villas, and most recently, the purchase and redevelopment of Ocean Terrace, West Bay Street.

Its equity fund is partnering with Aristo Development in the construction of 38 new luxury condominiums on Paradise Island, a project called THIRTY/SIX, the first new condo development on the island in a decade. That development is more than 50 per cent sold.

Buckeye Partners, LP (NYSE:BPL), which owns an oil storage and transshipment facility on Grand Bahama, has announced that significant progress has been made to safely restore operations in the wake of Hurricane Matthew.

Members of the diplomatic community attended the third Bahamas Diplomatic Week held under the theme, Strengthening Relationships for a More Secure and Prosperous Bahamas, at Melia Nassau Beach Resort. View a selection of the photos here.

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