ITC 48 Press Release Memo 03.22 - BFIM
NEWS
March 2018
Boston Financial Closes $145 Million Multi-Investor Fund
Boston Financial Investment Management ("Boston Financial") is pleased to announce the closing of a $145 million Low Income Housing Tax Credit ("LIHTC") fund, Boston Financial Institutional Tax Credits XLVIII Limited Partnership ("ITC 48"). ITC 48 is comprised of 17 tax credit investments, resulting in the financing of over 2,800 units of affordable housing across eleven family and six senior communities. The fund will provide much needed capital for the new construction and rehabilitation of multi-family properties in eleven states: Arkansas, California, Florida, Georgia, Kentucky, Louisiana, Maryland, New York, South Carolina, Tennessee and Washington. As a result of ITC 48's investments, 3,340 temporary and 864 permanent jobs will be created in the local economies. Six institutional investors representing the banking, financial services and insurance sectors participated in ITC 48. "We are excited to announce the closing of our first multi-investor fund this year and look forward to continuing to build on this momentum in 2018 and beyond. Having syndicated more than $11 billion in equity over the past 32 years, Boston Financial continues to distinguish itself from the competition with its best in class service and successful track record, which is something we are extremely proud of," said Todd Jones, Senior Vice President of Institutional Sales. "As a proven leader in affordable housing, Boston Financial continues to build on its legacy of creating high quality funds comprised of assets in strong real estate markets. Given the strength of our parent company, ORIX USA, and our many valued investor and developer partners, Boston Financial is positioned better than ever to provide capital that advances the development of affordable housing across the country," said Sarah Laubinger, Executive Vice President of Equity Production.
Since 1969, Boston Financial has focused on providing exceptional client service to its partners and has built one of the most experienced management teams in the affordable housing industry. To date, Boston Financial has raised and managed over $11 billion of low-income housing and historic tax credit equity investments, comprising 2,400 properties and 220,000 units, making it one of the largest and most successful firms in the industry. Boston Financial is a wholly owned subsidiary of ORIX USA, a diversified financial services company headquartered in Dallas, TX with more than 600 employees in 20 offices across the U.S. and Brazil. Known for providing innovative capital solutions to clients, ORIX USA has over $6 billion of assets and manages an additional $29 billion on behalf of clients. Its parent company, ORIX Corporation, is a Tokyo-based international financial services company which has operations in 37 countries and regions and over 33,000 employees. With a market capitalization of $18 billion, ORIX Corporation is traded on both the Tokyo and New York Stock Exchanges. For more information on the ORIX family of companies, please visit .
Contacts: Sarah Laubinger 617.488.3230 | Todd Jones 502.212.3826
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