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Omega Launches Opportunity Fund

MIAMI-The financing corporation will target hotel, retail and housing projects that have halted or delayed development.

By Crystal Proenza | Updated on August 26, 2008

(Crystal Proenza is associate editor of Real Estate Florida.)

MIAMI-Locally based Omega Commercial Finance Corp. has launched its Omega Opportunity Fund I LLP. Omega Corp., which usually specializes in equity and asset financing for commercial projects from $1 million to $500 million, is creating the fund to identify distressed commercial projects that have run into problems because of financing.

The fund is the first of many the company plans to launch, looking to complete acquisitions and financing for hotel, retail and housing projects, a spokesperson tells GlobeSt.com. An executive was not available for comment on Tuesday. Specifications for targeted assets include an in-place development team and preparation for immediate vertical construction, according to a press release.

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