NSCRE Capital, LLC Present Activities
NSCRE Capital is currently engaged in sponsorship of Sitka Properties Fund I for both institutional and individual investors. Preliminary discussions with potential investors has been initiated, however, no formal investment offering is currently being made and will not be until the spring of 2009. Indications of interest, without a binding obligation, are being accepted.
NSCRE Capital is seeking to raise $20-30 million for Sitka Properties Fund I. North Star, Inc. has committed to investing up to 7% of the equity raised for the Fund.
Sitka Properties Fund,a Delaware limited partnership, is being formed for the purpose of acquiring, enhancing, and managing qualifying underperforming industrial and flex space properties in the western United States.
Utilizing investment criteria and experience gained through 40 years of operation of North Star, Inc.management of the fund, provided by NSCRE Capital, LLC Sitka seeks to maximize long term capital gains for its investors.
The Fund will have a limited life. Upon termination all properties will be sold, all oustanding costs and debt repaid and the remaining proceeds distributed to the Fund's investors. During the life of the Fund investors will receive periodic distributions according to available cash flow and refinancing proceeds, if any, that will be considered return of capital until all initial equity investment is recouped by the Fund's investors.
NSCRE Capital is a Delaware limited liability corporation formed solely for the purpose of sponsoring and managing Sitka Properties Fund. North Star, Inc. will be an investor in Sitka Properties Fund I.