Omega Commercial Finance Corp., Miami, has announced the formation of Omega Opportunity Fund I LLP, which will focus on identifying distressed U.S. and Canadian commercial real estate development projects that have been delayed or temporarily halted. The fund's strategy will be "optimize development-stage projects and, upon their completion, produce a high-quality stabilized asset," Omega said. Because the cost of capital to borrowers will exceed standard bank rates, the fund's exit strategy is to enable Omega's lending arm to structure the permanent financing, the company said. Omega can be found on the Web at http://www.omegacommercialfinancecorp.com.
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