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ORIX Will Boost LIHTC Holdings to $15B with Boston Capital Deal
Boston Financial Investment Management, a wholly-owned subsidiary of ORIX Corporation USA (OCU), has agreed to acquire Boston Capital’s low-income housing tax credit fund portfolio. The deal is estimated at about $150 million, according to published reports.
Acquired by OCU in 2016, Boston Financial has a long history of syndicating housing credits and currently manages a $7.7-billion LIHTC portfolio comprising more than 1,125 properties and 98,110 units. The purchase of Boston Capital’s portfolio will nearly double the Boston Financial LIHTC holdings to $15 billion.
Since the inception of the LIHTC program in 1986, Boston Capital has raised more than $10.5 billion of investor equity into more than 3,500 properties nationwide. Tokyo-based ORIX Corporation, OCU’s parent, said, “Post-acquisition, we expect that Boston Financial will enjoy a top position in the LIHTC asset management industry and is well-positioned to expand further via additional opportunistic investments.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Sale/Acquisition
