Thursday, August 01, 2013
NEW BOSTON FUND ANNOUNCES NEW ASSISTANT VICE PRESIDENT
Dan McGrath to support the development and asset management teams
BOSTON – August 1, 2013 – New Boston Fund, Inc., a private equity real estate investment, development and management firm, announced today the promotion of Dan McGrath to Assistant Vice President, where he will work alongside the Northeast development team and the national asset management team.
McGrath was recently integrated into New Boston Fund’s development team for One Greenway, a planned 362-unit mixed-income development bordering Boston’s Chinatown neighborhood and the Rose Kennedy Greenway. The project will include 312 apartment units in a 21-story tower, along with ground floor retail and community space, a 1/3 acre of publically accessible open space and 50 affordable condominiums. As part of this team, McGrath has provided financial analysis and project management assistance as New Boston and their joint venture partner, the Asian Community Development Corporation (ACDC), advance the project towards construction commencement, and he will continue to help oversee and market the project throughout construction. Additionally, McGrath will join the development team for Seaside Village, New Boston’s 118-unit condominium project in Niantic, Conn.
In his asset management role, McGrath will work alongside the firm’s regional asset managers to manage and lease the firm’s portfolio along the East Coast and in the Midwest. He will also focus on developing disposition strategies for assets that New Boston has successfully repositioned and added value.
“Dan has years of experience here at New Boston and a tremendous track record across multiple divisions of the firm,” said Gary Hofstetter, Senior Vice President at New Boston Fund. “He has long been New Boston’s go-to ‘utility player,’ serving in a wide variety of roles across the organization and he is very deserving of this new title and added responsibility. We look forward to his continued valuable and vast work product in this new role.”
McGrath joined New Boston in 2000 as a member of the firm’s investor relations and equity team, and has continued to work in numerous capacities over the past thirteen years. Most recently as a senior analyst, he was responsible for sourcing value-add investment opportunities for the firm’s real estate funds, supporting the acquisition of $100 million of properties along the East Coast. Through his career, McGrath has assisted the firm’s asset management team, acted as an assistant project manager on several residential developments along the East Coast, and spent four years in the firm’s Portfolio Management group.
McGrath is an active member of NAIOP and the Urban Land Institute (ULI). At NAIOP, he chairs the Education Committee and serves on the Executive Committee, Programs Committee and Developing Leaders Committee.
McGrath holds a bachelor’s degree from Harvard University and his Master of Science degree in Real Estate Development (MSRED) from the Massachusetts Institute of Technology (MIT). He is a past President of the Alumni Association of the Center for Real Estate (AACRE) at MIT and remains active as a member of the AACRE’s Executive Council.
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 $3.5 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. www.newbostonfund.com
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