ORIX USA today announced the acquisition of Boston Financial Investment Management LP ("Boston Financial"). ORIX USA signed a definitive agreement to acquire Boston Financial on April 28, 2016, and completed the transaction last week. The acquisition combines the financial strength and innovative capital solutions of ORIX USA with Boston Financial Investment Management's 47-year history and track record as one of the largest syndicators in the Low Income Housing Tax Credit (LIHTC) industry. This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20160711006231/en/
Hideto Nishitani, ORIX USA Chairman, President and CEO (Photo: Business Wire)"This acquisition is a natural extension of ORIX USA's existing business and affirms our commitment to the affordable housing market," said Hideto Nishitani, ORIX USA's Chairman, President and CEO. "ORIX USA is already active in the affordable housing industry through our investment in RED Capital Group and has established expertise in underwriting, construction management and asset management through our Risk Management and Real Estate groups. With its seasoned management team, Boston Financial is a national leader in the tax credit industry having raised over $10 billion of low-income housing and historic tax credit equity investments in over 2,200 properties. Combining our real estate and affordable housing expertise and deep capital resources with Boston Financial's track record will strengthen Boston Financial's position as one of the strongest independent syndicators in the market." "Our two companies complement each other very well," said Boston Financial CEO Ken Cutillo. "Our firm and ORIX USA share many of the same core values of exceptional client service, creativity and integrity. We also share a commitment to address the housing affordability issue that exists in so many towns and cities in America. Our investors and developer partners will greatly benefit from ORIX USA's scale, innovative capital solutions and financial strength. We're thrilled with the confidence that ORIX USA has shown in our platform and employees, and are poised for a new chapter in our company's history, focused on the growth of our production effort and product expansion."