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(Crystal Proenza is associate editor of Real Estate Florida.)

MIAMI-Locally based Omega Commercial Finance Corp. has launched its Omega Opportunity Fund I LLP. Omega Corp., which usually specializes in equity and asset financing for commercial projects from $1 million to $500 million, is creating the fund to identify distressed commercial projects that have run into problems because of financing.

The fund is the first of many the company plans to launch, looking to complete acquisitions and financing for hotel, retail and housing projects, a spokesperson tells GlobeSt.com. An executive was not available for comment on Tuesday. Specifications for targeted assets include an in-place development team and preparation for immediate vertical construction, according to a press release.

Arizona-based AJM Development Inc. will be working with Omega to identify projects that fit the requirements of the opportunity fund. AJM has also helped Omega arranged $360 million of capital through letters of intents to launch the fund. The team aims to reach $1 billion by the end of the year, according to the release.

“We believe that this fund will allow us the ability to employ our financing programs and pursue additional growth opportunities that will benefit our shareholders while generating above average returns,” said Jon S. Cummings IV, president and CEO of Omega, in a release. “In addition, the transactions are anticipated to generate significant capital and will allow us the ability to redeploy into other financing opportunities which is our core business.”

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