Maples Fund Services Selected as Administrator for Northstar Enterprise Opportunity Fund I
Maples Fund Services, a leading independent global fund services provider and division of MaplesFS, has been selected as the administrator for the Northstar Enterprise Opportunity Fund I ("the Fund"). The Fund is an affiliate of Northstar Commercial Partners ("Northstar"), a privately-held commercial real estate investment company headquartered in Denver, Colorado with offices in New York City as well.
Maples Fund Services will provide a full range of administration services to the US$350 million (maximum size) Fund in a turn-key manner, including establishment support, investor on-boarding and compliance, registrar and transfer agency, FATCA and CRS compliance, and fund accounting and reporting. Its customisable approach and sophisticated infrastructure, coupled with the expertise and experience of its team were key elements in Northstar's decision to engage Maples Fund Services. Furthermore, Maples Fund Services' geographic reach and full service on the ground capabilities and reputation in Dubai played a significant role. In recent years there has been an influx of capital from Middle Eastern investors to the US which is increasingly viewed as a safe haven with attractive valuations and yields and the Dubai based team has been responsible for supporting a significant number of successful launches that invested in commercial, senior care, student accommodation and multi-family real estate investments.
"We are very excited about the Enterprise Fund and the investment opportunities in the US. This Fund focuses on adding value to cash-flowing commercial real estate assets, including retail, office, medical and large apartment complexes, that can continue to allow us to make monthly distributions to our investors", said Brian Watson, Founder and Chief Executive Officer of Northstar Commercial Partners.
"Our focus of adding value on a property level is designed to mitigate macro risk for our investors, while at the same time providing stable returns. While we always focus on macro trends and area growth, we are not reliant on said growth. We feel that this approach will benefit our investors heavily on a risk-adjusted level," said Peter Auerbach, Co-Founder and Chief Investment Officer of Northstar Enterprise Funds.
Northstar Enterprise Opportunity Fund I partners with local real estate operating partners throughout the US with the intention of acquiring distressed and value-add office, medical office, multi-family and retail properties. It plans to acquire assets in growing US markets, as well as invest in value-add opportunities in more stabilised cities.
"Our engagement with Northstar is a testament to the ever growing appetite for US real estate and income producing assets from Middle Eastern investors," said Fred Tabbal, Maples Fund Services' Regional Head of Fund Services – Middle East. "We are delighted to be working with Northstar and look forward to developing a strong and long-lasting partnership as the Fund grows and Northstar's investment offering further develops."
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