SAN JOSE, CALIF. (PRWEB) JULY 12, 2019
NES Financial announced today that it has been contracted to provide its purpose-built Opportunity Zone Fund Administration Suite to Sixty West Funds — a Missouri-based firm with a development pipeline exceeding $850 million in Qualified Opportunity Zone projects.
The tax incentives associated with the Opportunity Zones (OZ) program are designed to encourage long-term investment into economically distressed areas across the country. Opportunity Fund investors get immediate deferral of taxes on invested capital gains, and additional tax benefits accrue at 5-, 7- and 10-year milestones. Sixty West Funds specializes in single-asset funds focused on development of mixed-used properties, including multi-family residential, hospitality, office and retail, located within the designated Opportunity Zones.
NES Financial will provide its award-winning solution to the Sixty West O4W Opportunity Fund, which is currently raising funds toward development of a combined hotel, office and retail space along the Atlanta BeltLine parks and transit loop, in one of Atlanta’s 26 Opportunity Zones. The hotel component of the Old Fourth Ward mixed-use development is flagged by Hilton to debut the first MOTTO by Hilton location in the United States.
With this project, Sixty West will contribute to the ongoing restoration of the historic “O4W” neighborhood, which was originally settled in the early 1800s and was the birthplace of civil rights leader Martin Luther King, Jr. It is the first major construction project planned for the immediate area in at least a decade.
"Opportunity Zone Funds are truly unique” said Amy Kelly, COO at Sixty West Funds. “Unlike traditional investment funds, Opportunity Zone Funds have complicated and emerging tax compliance and other specialized reporting needs. We trust NES Financial with our investors.”
The NES Financial Opportunity Fund Administration Solution leverages technology to streamline the complicated administrative requirements of OZ fund management, curtailing fraud and abuse and, ultimately, helping the Opportunity Zones program do the good it was meant to do. For fund managers and investors, this means a purpose-built solution that embeds security, transparency and regulatory compliance at each step of an OZ investment’s life cycle.
“Sixty West needed a third-party solution that could scale to their growing operation,” said Reid Thomas, Executive Vice President at NES Financial. “This is a key component of our OZ administration offering — our platform supports fund success by minimizing compliance and operational risk, no matter how many funds, projects or investors are involved.”
For additional information about the Opportunity Zone Fund Administration Suite, please visit the NES Financial website or contact an NES Financial representative at 1-800-339-1031.
About NES Financial
NES Financial is a specialty financial administrator which serves sectors characterized by high administrative complexity, increased transaction security needs, and challenging regulatory compliance requirements. The company’s purpose-built solutions streamline the administrative processes of these markets — simplifying specialized financial transactions, curtailing fraud and abuse and helping ensure the utmost in security, transparency and regulatory compliance through each step of an investment’s life cycle.
With its Silicon Valley DNA, proprietary fintech platform and over 15 years of specialty financial administration leadership, NES Financial has defined best practices in each of the markets it serves — from 1031 exchanges and EB-5 visa funding, to private equity and the landmark Opportunity Zones program. Today, NES Financial services more than 290 funds, administers over $20B annually, and has worked with more than 700 EB-5 projects. For more information, please visit nesfinancial.com .
About Sixty West Funds
Sixty West is made up of over 70 professionals with extensive experience in the acquisition, financing, and development of more than 150 real estate–related opportunities. Their history of success includes over $1B of tax equity raised to support more than $2B in related projects. Over the past decade, Sixty West has leveraged its expertise in the use of tax credits and related incentives to bring real estate directly to investors.
Sixty West Funds draws upon this impeccable record of compliance to offer certain qualified investors the ability to defer, and partially exclude, tax liability through strategic investment in newly designated Opportunity Zones.
For more information, visit sixtywestfunds.com .
Source: Company press release.