Wednesday, September 13, 2017
Sterling Global Financial yesterday said it had reassured its 1,500-plus investors that all the group's Bahamas-based properties and investments came through Hurricane Irma unscathed.
"We realised that as soon as the hurricane began bearing down on the Bahamas our investors would be concerned about the company's assets here, so we wanted to put their minds at ease and reassure them that our properties and their investments are 100 per cent intact with no damage," said David Kosoy, Sterling's chairman and chief executive.
Steve Tiller, president and chief operating officer, added that Sterling Global Financial had moved part of its operations to its Cayman office as a precaution that would enable the firm to provide uninterrupted service in case of catastrophic damage.
"As it turned out, most of the Bahamas was spared, though our hearts go out to those everywhere who were so hard hit, especially in Bimini and the southern Bahamas where many of our staff have family," said Mr Tiller. "We are also advising our clients that we will continue to monitor Hurricane Jose, which has a relatively low chance of hitting the Bahamas."
Sterling which specialises in large-scale real estate debt and equity financing, also reassured clients that all development loans are protected by insurance.
Among the projects financed by Sterling in the Bahamas are ONE Cable Beach; THIRTY SIX on Paradise Island; Beach House Villas, Paradise Island; Courtyard by Marriott, downtown Nassau; Ocean Terraces, West Bay Street; Matt Lowe's Cay, Abaco; and Sky Beach Estates, Eleuthera.
The firm has won numerous awards for its performance and continues to have an excellent Sharp ratio, which measures risk/reward. It administers or manages $9 billion in assets, and in 2016 opened Sterling Bank & Trust (Bahamas). Its headquarters are located on East Bay Street.