Boston Financial Investment Management has completed the acquisition of Boston Capital’s low-income housing tax credit fund (LIHTC) portfolio, reported company officials. The deal was announced in September.
With the addition of Boston Capital’s LIHTC fund portfolio, Boston Financial manages more than 2,300 underlying assets and 190 LIHTC funds, and the company’s equity under management has nearly doubled from $7.7 billion to $15 billion.
“The combined portfolio dramatically expands our strategic footprint and commitment to the creation of affordable housing,” said Boston Financial CEO Greg Voyentzie. “I am very excited about the opportunities this transaction offers us to broaden our relationships with fund investors and developer clients to address the growing need for affordable housing across the country.”
Davis Polk & Wardwell and Holland & Knight served as legal advisers to ORIX USA. Nixon Peabody served as legal adviser to Boston Capital.
Founded in 1969, Boston Financial was acquired by ORIX USA in 2016. It is one of several affordable housing firms acquired by the firm in recent years. Its subsidiaries also include Lument, the combined company of Hunt Real Estate Capital, Lancaster Pollard, and RED Capital.