Urban Strategy Fund : A new Boston Real Estate Fund

New Boston Fund Continues Investment in Connecticut
USA Fund develops 150-unit Condo Complex in Niantic, Acquires Property in New Haven and Provides Mezzanine Loan in Bridgeport

HARTFORD

May 23, 2007


New Boston Fund, Inc., a real estate investment, development and management firm, recently announced three new Urban Strategy America (USA) Fund investments in Connecticut. The USA Fund is New Boston Fund’s “triple bottom line” fund dedicated to bringing returns to investors while striving to make a significant and positive economic, social and environmental impact on the areas where it invests.

In New Haven, New Boston has purchased 545 Long Wharf Drive, a 9-story class “A” office building situated on New Haven Harbor with panoramic views of the Long Island Sound.

“The quality of the asset and stability of the tenancy makes 545 Long Wharf a great core-plus stepping stone into the New Haven market for the USA Fund,” said Kirk Sykes, President of the USA Fund. “We are actively pursuing a number of other acquisitions throughout the state, and New Boston certainly views New Haven as a key market for additional acquisition and development opportunities.”

Additionally, New Boston has provided a mezzanine loan to E/N Properties to fund Lofts 881 in downtown Bridgeport. The project is a conversion of a 40,000 sf office building into 38 residential units and two retail units. The property is located in the heart of the Central Business District with close proximity to the Metro North Train Station and I-95.

As part of New Boston’s continued commitment to Connecticut, the company also plans to develop a new residential development in Niantic. A joint venture with Vespera, this 150-unit condominium development will include a combination of market rate and affordable housing. The units will be one and two bedroom townhouses and flats and several will have views of Dodge Pond or Niantic Bay.

“These new transactions will allow us to bring additional housing and economic opportunities to Connecticut while expanding both our commercial and residential portfolios throughout the state,” said Jerry Rappaport, Jr., president of New Boston Fund.

New Boston currently owns 22 commercial properties in Hartford and Fairfield Counties totaling 2.4 million square feet, as well as 227 class “A” apartment units in Middletown.

“With over $900 million of combined equity raised in our latest three funds (Fund VI, USA, and Fund VII), we have a substantial appetite for more investment and development activity throughout Connecticut, across all property types, with a diverse investment strategy,” said Bill Fenn, Vice President of Asset Management for New Boston Fund’s Hartford, Connecticut office.

New Boston has experienced great success and has amassed one of the largest privately held commercial real estate portfolios in Connecticut since acquiring its first property in the market in 1996. High occupancy levels, successful execution of value-add strategies, and positive rent growth have all led to superior asset performance.

About New Boston Fund
New Boston is an independent, privately owned real estate investment manager and an industry leader in providing real estate investment, development and management services with a history of strong sponsorship and oversight of its investment funds. New Boston has developed or acquired commercial and residential properties with a cumulative market value of over $3.6 billion including 19 million square feet of commercial real estate and 6,700 residential units. Our investment vehicles cater to institutional and high-net worth investors by offering value add and urban real estate investment funds with a focus on diversification and capital preservation. New Boston Fund: People, Values, Returns.

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