Midas Names Administrator for New Opportunity Zone Fund
Midas Opportunity Zone Fund LLC, a Reg D opportunity zone fund managed by Midas Hospitality, has hired SS&C GlobeOp to provide administration, treasury and investor services to the fund.
Midas Opportunity Zone Fund LLC, a Reg D opportunity zone fund managed by Midas Hospitality, has hired SS&C GlobeOp to provide administration, treasury and investor services to the fund.
SS&C GlobeOp is affiliated with SS&C Technologies Holdings Inc. (Nasdaq: SSNC), a global provider of investment and financial software-enabled services and software for the global financial services and healthcare industries that recently launched opportunity zone fund administration solution designed for the federal opportunity zones program.
Midas Hospitality, a hotel development, management and investment firm, registered their opportunity zone fund with the SEC late last year and set a fundraising goal of $35 million. The fund will own and operate two hotels in St. Louis, Missouri, the company said.
“All of our opportunity zone projects were under development prior to the proposed regulations being released,” said J.T. Norville, managing member and co-founder of Midas Hospitality. “The significant tax benefits afforded by recent legislation have been icing on the cake and created incredible momentum for this fund. We needed a marquis fund administration partner that could match this momentum and get our fund up and running as soon as possible.”
Established by Congress in the Tax Cuts and Jobs Act of 2017, the opportunity zone program provides tax benefits for taxpayers that invest certain assets in certified qualified opportunity funds. The opportunity zone program encourages long-term investments in distressed areas of the country, primarily those with high poverty and low economic growth.
Founded in 2006, Midas Hospitality specializes in the development, management and investment of award-winning hotel properties across the U.S. The firm focuses on select-service and extended-stay experiences for global brands including Marriott, Hilton, and IHG.
