Tuesday, August 02, 2011
New Boston Fund Announces Appointment of Key Executives
Promotes long-time senior leadership
BOSTON-August 2, 2011-New Boston Fund, Inc., a private equity real estate investment, development and management firm, has refined and strengthened its leadership structure to support the execution of its investment strategy and introduce a new investment fund in the fall of 2011.
New Boston veteran, Tim Medlock, has been appointed President and will lead the firm's day to day operations while working closely with Chief Investment Officer, Jim Kelleher, in executing New Boston's investment strategy across all funds.
As we continue to solidify our regional investment model and build momentum, these new appointments reflect New Boston's commitment to its future success and dedication to empowering our talented senior management team, said Jim Rappaport, CEO and Chairman of New Boston Fund. We have worked hard to evolve the New Boston organization and I am confident in Tim and Jim's results-driven performance and strong leadership skills.
Medlock has been with the firm for 12 years and most recently served as Chief Financial Officer and Chief Operating Officer. In his new role, Medlock will continue to execute New Boston Fund's business plan and be responsible for leading the firm's Executive Committee. He will also support the investment team as it completes the investment of Fund VII in opportunistic and value-added acquisitions as well as oversee the development of projects such as Parcel 24, a residential project in Boston's Chinatown, and a build-to-suit facility for Rockwell Collins in Virginia. In addition, Medlock will handle preparations for the launch of a new fund.
As Chief Investment Officer and Chairman of the Investment Committee, Kelleher will continue to develop and execute the firm's investment strategy for each fund and work closely with New Boston's Regional Directors and their teams to manage current assets and source new deals in the Northeast, Mid-Atlantic and Southeast U.S. markets.
In addition, long-time senior managers, Gary Hofstetter, head of New Boston's asset and property management division, will leverage his deep real estate experience in New England as the new Northeast Regional Director, and Mike Doherty, current SVP of Portfolio Strategy, will expand his role to Chief Financial Officer to consolidate the portfolio strategy and finance teams under his leadership.
Over the past year, New Boston has acquired seven commercial buildings totaling more than $100 million. These buildings include the Florida properties of Southpoint Executive Center, Maitland Green I & II, and One Park Square, as well as the three Class-A buildings at Harris Corners office park in North Carolina. New Boston Fund is focused on the disciplined investment of Fund VII and continues to look for attractive investments in each key regional area of focus: the Northeast, the Mid-Atlantic and the Southeast. Many recent New Boston Fund transactions have been completed with complicated partnership recapitalization deals which have allowed the selling partner to meet many of its objectives and New Boston to acquire quality real estate.
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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