Newcastle/Saranac599 Columbus Avenue, Boston, MA LP Solutions Fund
This property has 97 units of low- and moderate-income housing located near Northeastern University in Boston. This project has severe restrictions on cash flow and low-income use restrictions without the benefit of government subsidies. The partnership has not generated distributions in some time and is unlikely to do so until 2018.
The limited partners included some of the most experienced real estate developers in the country, all of whom were seeking a profitable alternative to the distant promise of a long-term return. LIHC Investment Group structured an all-cash transaction that exceeded their expected present value of the property while freeing up liquidity for other, more beneficial investments.
599 Columbus Avenue, Boston, MA
LP Solutions Fund