SAN JOSE, Calif., Sept. 18, 2019 /PRNewswire-PRWeb/ -- NES Financial announced today that it has been contracted to provide its purpose-built Opportunity Zone Fund Administration Suite to Griffin Capital Company, a leading alternative investment asset manager with more than two decades of investment and real estate experience. Griffin Capital's alternative investment solutions include non-listed real estate investment trusts (REITs), actively managed interval funds, tax-advantaged Delaware statutory trusts (DSTs), and an Opportunity Zone Fund.
The tax incentives associated with the Opportunity Zones (OZ) program are designed to encourage long-term investment into economically distressed areas across the country. Opportunity Fund investors receive immediate deferral of taxes on invested capital gains. Additional tax benefits accrue at 5-, 7- and 10-year milestones.
NES Financial will provide its award-winning administration solution to Griffin Capital Company in connection with its Opportunity Zone Fund and 1031 DST programs.
"NES Financial is the only administrator we've found with the broad specialty fund administration platform and expertise to support our many business lines. This made NES Financial the clear choice when it came to Griffin's third-party administration," said Kevin Shields, Chairman and CEO of Griffin Capital.
The NES Financial Opportunity Zone Fund Administration Suite leverages technology to streamline the complicated administrative requirements of OZ fund management, curtail fraud and abuse and help the Opportunity Zones program do the good it was meant to do. It provides fund managers and investors with a purpose-built solution that embeds security, transparency and regulatory compliance at each step of an OZ investment's life cycle.
NES Financial's experience as a 1031 facilitator is even more storied. The company's General Counsel, Kelly Alton, developed significant 1031 guidance while working at the IRS National Office, and NES Financial is now the industry's leading qualified intermediary (QI) for 1031 exchanges of all kinds. Over the past 25 years, the company has facilitated tens of thousands of successful 1031 transactions.
"We couldn't be more pleased with the relationship we have with NES Financial," said Joseph Miller, COO and CFO of Griffin Capital Company. "NES Financial's state-of-the-art, full-service platform provides significant value and efficiency to our fund administration process. NES Financial's investor portal is flexible and user friendly and provides our investors and financial advisor partners with an easy view into investments made. It is fully in line with the transparency, first-class service and optionality that Griffin provides to our investors every day."
"As a specialized asset manager, Griffin recognized the value of NES Financial's diversified approach to specialty financial administration," said Reid Thomas, Executive Vice President at NES Financial. "OZ Funds have the potential to make a difference for many distressed areas across the U.S.; however, careful administration and reporting will be necessary to ensure compliance for Griffin and its investors."
For additional information about the NES Financial Opportunity Zone Fund Administration Suite or the company's 1031 exchange services, please visit its 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 record keeping and processing, 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. NES Financial, recognized by the San Francisco Business Times' top Bay Area fintech list, services more than 300 funds, administers over $20B annually, and has worked with more than 700 EB-5 projects to date. For more information, visit nesfinancial.com.
About Griffin Capital Company, LLC
Griffin Capital is a leading alternative investment asset manager headquartered in El Segundo, California, with offices in Irvine, California, Phoenix, Arizona, and Greenwich, Connecticut. Founded in 1995, Griffin Capital has owned, managed, sponsored or co-sponsored investment programs encompassing over $17 billion in assets. Griffin Capital's senior executives and employees have co-invested over $300 million in its sponsored investment verticals. The privately held firm is led by a seasoned team of senior executives, each with more than two decades of investment and real estate experience, who collectively have executed transactions valued in excess of $21 billion.
Griffin Capital's alternative investment solutions include three groups of complementary products: actively managed interval funds in the company's Institutional Access® fund family, non-listed real estate investment trusts (REITs) and tax-advantaged private real estate strategies. The firm's investment strategies include diversified core real estate and global corporate credit securities, as well as direct real estate ownership in sector-specific portfolios focused on net leased essential office and industrial assets, clinical healthcare properties, and multifamily real estate.
These solutions include: Griffin Institutional Access® Credit Fund, Griffin Institutional Access® Real Estate Fund, Griffin Capital Essential Asset® REIT, Griffin Institutional Property Exchange DSTs, and a Qualified Opportunity Zone Fund. Griffin Capital Securities, LLC, Member FINRA/SIPC, is the dealer manager and/or exclusive wholesale marketing agent for its REITs, Interval Funds and private offerings sponsored and/or co-sponsored by Griffin Capital Company, LLC, which offerings are distributed to investors through independent and insurance broker-dealers, national wirehouses and registered investment advisors. Additional information is available at griffincapital.com.
SOURCE NES Financial