New Boston Fund Promotes Michael Buckley to Director of Capital Markets

Boston, MA 6/1/06 - New Boston Fund Inc., a Boston-based real estate investment, development and management firm, has announced the promotion of Michael J. Buckley to Director of Capital Markets. Buckley, who served as senior vice president of finance since 2003, now manages New Boston Fund`s debt portfolio and is responsible for all capital market relationships with lenders, mortgage brokers and partners.

"One of New Boston Fund`s greatest strengths is the rich reservoir of talent we have developed in our 12 years in business," said New Boston Fund Chief Operating Officer Ken Munkacy. "Our success in real estate investment and development relies on access to debt capital, as well as the opportunities and innovations that these relationships provide. Mike`s expertise in that area and his work experience on a national level brings great value to our team as New Boston Fund expands nationally."

Buckley`s responsibilities will include work with the Urban Strategy America (USA) Fund, a triple-bottom line private real estate investment fund focused on generating solid returns to investors while encouraging economic revitalization in urban communities. He will be instrumental as the USA Fund expands its diverse investment portfolio throughout New England and the Mid-Atlantic.

"The value of each investment we make is driven by the quality of our outstanding capital market relationships," Buckley said. "Whether it`s a lender providing competitive terms or an intermediary opening up new opportunities, we`re focused on expanding, strengthening and sustaining these partnerships over the long term, and I`m excited to assume responsibility for doing so."

Buckley`s previous experience includes managing and negotiating national and international investments with both publicly traded real estate investment trusts and private equity firms. Before New Boston Fund, he was managing director of Boston-based Tremont Realty Capital, LLC, where he led the development of a principal investment platform specializing in mezzanine capital transactions.

Buckley also has experience investing in public real estate securities as a Principal at AEW Capital Management, L.P. In this role, Buckley assisted in raising and investing over $350 million of institutional capital targeted towards originating private placement and secondary market investments in public and private real estate companies. He was also an investment officer at CEENIS Property Fund, L.P., and a vice president in the real estate department at The First National Bank of Boston.

Buckley has a bachelor`s degree in engineering from the University of Massachusetts at Amherst and a master`s degree in business administration with a concentration in finance and real estate from Duke University`s Fuqua School of Business.

About New Boston Fund
Based in Boston, New Boston Fund is one of the fastest-growing private real estate investment, development and management firms in New England. Founded in 1993 by the Rappaport family of Boston, New Boston Fund owns and manages more than 18 million square feet of commercial real estate and 2,200 residential units worth more than $1.5 billion.