The Tribune

By NATARIO McKENZIE

Tribune Business Reporter 

nmckenzie@tribunemedia.net   

STERLING Global Financial, a broad-based real estate and international financial services provider with US$9 billion in assets under administration and management, has today applauded Forbes magazine for ranking The Bahamas as the world’s number one choice for real estate investment.

“The decision by the respected Forbes’ Real Estate Council is, in our view, not only terrific for business but re-affirms our belief in this country and our clients’ faith in the future of The Bahamas,” said Sterling Chairman David Kosoy.

Sterling, the multiple award-winning firm which specializes in real estate financing and property funds, has steadily increased its holdings and its activity in The Bahamas while continuing to pursue financing opportunities abroad. 

“Thirteen years ago when we located a relatively small office here, it was because I personally fell in love with The Bahamas,” said Canadian-born Kosoy, who admits he could have elected to live anywhere.

“I started with a personal investment of just over $2 million. Now Sterling’s investments in The Bahamas in projects either under construction, on the drawing table or available real estate holdings total more than $500 million and account for one of the largest blocks of construction jobs in the national economy.”

Among the current projects that include financing by a Sterling-managed fund are ONE Cable Beach, an oceanfront luxury condominium complex just west of Baha Mar, THIRTY SIX on Paradise Island, a contemporary design complex that takes advantage of its location with the nearby amenities of Paradise Island resorts and Beach House Villas, ultra-luxurious villas accessible only by boat on the western end of Paradise Island. The three projects account for an estimated 300 construction-related jobs.

A Sterling-managed fund also financed the transformation of Ocean Terraces, West Bay Street and the renovation of Courtyard by Marriott, downtown Nassau.  

In May, 2016 Sterling opened Sterling Bank & Trust (Bahamas) with an internationally respected board of directors, including Mike Harris, the former premier of Ontario who was recently voted the best premier in modern Canadian history, outranking 80 peers. Sterling also provides third party real estate advice to investors and high net worth individuals and works with major lenders on the international market. 

The Forbes magazine article titled ‘Buy Bahamas’ was published August 3 and labeled The Bahamas the “hands down” best place for investment after its Real Estate Council looked at nine hot spots for real estate, comparing Belize, Colombia, Great Britain, Lisbon (Portugal), Puerto Rico, Pune (India), Tijuana (Mexico) and Vancouver (Canada) and listed The Bahamas as number one.  

  Forbes magazine ranks itself as the number one business magazine with 38 international editions and an average of 6.7 million readers, 3.2 million more, it says, than its nearest competitor.