ORIX Corporation USA Creates Top-Tier U.S. LIHTC Business with Acquisition of Boston Capital Affordable Housing Fund Portfolio
ORIX Corporation USA (ORIX USA), the Americas business of Tokyo-based ORIX Corporation (ORIX), announced today that wholly-owned subsidiary, Boston Financial Investment Management (Boston Financial), completed the acquisition of Boston Capital’s low-income housing tax credit (“LIHTC”) fund portfolio. ORIX entered into an agreement with Boston Capital to acquire the LIHTC fund portfolio in September 2020.
“This acquisition is an important milestone in our efforts to build a world-class real estate business, as well as re-affirming our commitment to the affordable housing community,” said Terry Suzuki, ORIX USA President and CEO. “Combining the portfolios of two leading syndicators in the LIHTC industry creates one of the largest and most sustainable syndicators in the LIHTC industry, helping to drive growth and broaden Boston Financial’s services to affordable housing stakeholders.”
With the addition of Boston Capital’s LIHTC fund portfolio, Boston Financial now 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 Greg Voyentzie, Boston Financial CEO. “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 LLP, and Holland & Knight served as legal advisors to ORIX USA. Nixon Peabody LLP served as legal advisor to Boston Capital.
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