“We realized right away that assembling the right team would be key to our success. NES Financial’s expertise and services have been indispensable in getting our Fund set up and running smoothly."
SAN JOSE, Calif. (PRWEB) June 19, 2019
Specialty financial administrator NES Financial announced today that it has contracted to provide its purpose-built Opportunity Zone Fund Administration Suite to Hotbed Entertainment Group, which includes key players behind Blue Man Group and other now-iconic stage productions, as they develop new music and theater venues in New Orleans and three other cities in the U.S.
The Hotbed Music Hall businesses will all be located within the cities’ Opportunity Zones (OZs) and will each house a restaurant, bar and “unique, hybrid live music immersive theater show.” The first show, titled The Fallen Saint, is an intimate music-oriented performance designed to celebrate the creative energy of turn-of-the-century New Orleans.
To help fund the project, Hotbed is accepting investment into the newly formed Omni Impact Opportunity Fund. The tax incentives associated with the Opportunity Zones program, which Hotbed hopes will attract investors, are designed to encourage long-term investment into targeted economically distressed areas across the country, with tax benefits accruing at 5-, 7- and 10-year milestones.
"Our fund is unique as we are offering investors the open-ended growth opportunity of a high-yield hospitality and entertainment operating business paired with the stability of owning the real estate,” said Todd Perlmutter, founder of Hotbed Entertainment Group. “We realized right away that assembling the right team would be key to our success. NES Financial’s expertise and services have been indispensable in getting our Fund set up and running smoothly."
The purpose of the NES Financial Opportunity Zone Fund Administration Suite is to efficiently and securely handle administration of growing funds, at scale, so that Opportunity Zone Fund managers can focus on raising capital and deploying it to underserved communities across the country. This includes handling the specialized reporting requirements of the program with the highest possible degrees of fund security, investor transparency, and regulatory compliance.
“The startup of local small businesses like Hotbed is core to the spirit and intentions of the Opportunity Zones program,” said Reid Thomas, Executive Vice President at NES Financial. “Our purpose-built OZ fund administration solution helps operating businesses implement high-bar administrative best practices when raising and deploying funds, bridging their experience gap with financial-sector investment professionals.”
For more information about Hotbed Entertainment Group, please email info@hotbedentertainmentgroup.com.
For additional information about the Opportunity Zone Fund Administration Suite, please visit the NES Financial website or contact an NES Financial representative at 1-800-339-1031.
About NES Financial
NES Financial is a Specialty Financial Administrator which serves sectors characterized by high administrative complexity, increased transaction security needs, and challenging regulatory compliance requirements. The company’s purpose-built solutions streamline the administrative processes of these markets — simplifying specialized financial transactions, curtailing fraud and abuse and ensuring the utmost in security, transparency and regulatory compliance through each step of an investment’s life cycle.
With its Silicon Valley DNA, proprietary fintech platform and over 15 years of specialty financial administration leadership, NES Financial has defined best practices in each of the markets it serves — from 1031 exchanges and EB-5 visa funding, to private equity and the landmark Opportunity Zones program. Today, NES Financial services more than 290 funds, administers over $20B annually, and has worked with more than 700 EB-5 projects. For more information, visit nesfinancial.com.
About Hotbed Entertainment Group
Hotbed Entertainment Group is an entertainment and real estate company which builds and operates vibrant world-class entertainment and hospitality venues. They are committed to creating a hotbed of creativity, culinary arts, and community in each of the neighborhoods and business districts they serve. Their approach is defined by thoughtfully curated world-class talent, content, collaborators, and consumers brought together in close proximity for the sake of curiosity, enjoyment, growth, and meaningful connections.
The signature Hotbed brand ensures guests the opportunity to experience top-quality live music in an intimate, comfortable, high-end environment with a unique, affordable and crave-able culinary program. Each venue will be anchored by an original live music/immersive theater show designed to get audiences up close and personal with the performers.
The five founding members have an ideal combination of skills and passion. Three key players of Blue Man Group with over 50 combined years in the global entertainment and hospitality world, as well as two veterans of luxury brand sales and institutional financial sales who left the corporate world to focus full time on historic restoration and adaptive reuse development projects. Together, the group is dedicated to creating quality experiences with impeccable integrity and having fun while they do it.