PRESS RELEASES

Tuesday, May 10, 2011
New Boston Acquires Fourth Property in Florida With New Recapitalization Strategy

BOSTON (October 1, 2010) - New Boston Fund, Inc., a private equity real estate investment, development and management firm, announced today that it has acquired a controlling interest in One Park Square, a Class A office building in Doral, FL. This is the fourth major acquisition and fourth recapitalization deal completed in Florida by New Boston Fund since May.

One Park Square is a recently completed 281,623-square-foot, 11-story, Class A office building located in the heart of Miami Dade's Airport West market. The property features ground floor retail space, 24-hour security, on-site management, a fitness center, a conference facility, and an integrated covered parking garage. One Park Square is currently 11% leased with the recent signings from The Latin Recording Academy, Retailnova and Midea. Tere Blanca of Blanca Commercial Real Estate, Inc. is the building's exclusive leasing agent.

New Boston Fund is recapitalizing the asset in partnership with the previous owner, Park Square Commercial - F1 Building, LLC, an affiliate of Shoma Development Corporation and Shoma Homes, a 25-year veteran of development and construction based in Miami. Park Square Commercial completed construction on the project in early 2010. New Boston and Shoma Group joined together as partners in the deal and will focus on leasing the remaining space in the building. Shoma Group, which is currently headquartered in the building, will also continue to manage the property.

New Boston has been pursuing equity recapitalization deals on office, industrial and apartment properties along the East Coast. The One Park Square transaction represents another step in the successful execution of New Boston's recapitalization strategy in the market. There is a large group of fundamentally good real estate that can benefit from a well executed recapitalization strategy said Pryse Elam, Southeast Regional Director for New Boston Fund. With recapitalizations we are able to reset the basis for these properties by providing new equity to facilitate a payoff or restructuring of the current loan.

Masoud Shojaee, President of Shoma Group said, adjustment of the basis for these properties via recapitalization efforts, such as the one with New Boston, is the most feasible option for completion of projects during these very difficult economic times and delivery of one's product to our customers. It creates a win/win situation for all involved and Shoma Group will therefore continue to aggressively pursue such opportunities in the future.

As a part of the recapitalization, New Boston and Shoma Group paid off the existing debt and will fund the project's leasing and operating costs moving forward. New Boston and Shoma Group completed the transaction in less than 30 days. This investment represents New Boston's strategy to identify low basis equity recapitalization opportunities in the current market by taking advantage of the firm's strong local relationships. We have developed a niche with our strategy here in Florida, said Elam. We have the ability to identify proven local partners like Shoma Group and move quickly to present a solid plan to the lenders.

New Boston used the same recapitalization strategy to recapitalize three other properties in Orlando, Florida this year. New Boston acquired a controlling interest in Southpoint Executive Center and Maitland Green I & II in May and July, respectively. Southpoint Executive Center is a 137,000-square-foot Class A office building and Maitland Green I & II are a combined 194,000 square feet of Class A office space conveniently located off I-4, Orlando's central north-south artery. New Boston's Orlando portfolio is currently 48% leased, having just signed a renewal and expansion of 42,000 square feet with the University of Phoenix in Maitland Green II.

New Boston Fund does not disclose the sales prices of its transactions.

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 about $4.4 billion, including 23 million square feet of commercial real estate and 7,500 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. The New Boston Fund: People, Values, Returns.

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