Related Beal, a fully integrated real estate firm focused on development and investment opportunities in Boston, announced today it has appointed John “Ted” Lubitz as vice president. Working with both Related Beal and Related Affordable, Lubitz will endeavor to maximize affordable housing opportunities and synergies in both affordable preservation activities and market rate developments.
“Affordable housing has been the foundation of our business for over 40 years,” said Matthew Finkle, president of Related Affordable. “If you want great cities, you must build housing for all, which is why we continue to place a high priority on acquiring, revitalizing and preserving housing for this sector. We are pleased to have Ted join our platform and look forward expanding our efforts and creating and preserving even more affordable housing opportunities in New England. ”
Throughout its history, Related Affordable has purchased and rehabilitated affordable properties and turned them into vibrant living communities. To prove their commitment to residents, Related manages and operates all properties in its national portfolio to ensure that they continue to receive the proper attention and care long after construction has concluded. Built on ideals of preservation, Related Affordable prides itself on never having taken a single unit out of an affordable housing program and to market rate.
Lubitz’s addition to the team allows Related Affordable to expand its efforts in Massachusetts and the surrounding states. Their national expertise working with government-assisted programs like the U.S. Department of Housing and Urban Development (HUD), and utilizing affordable and historic tax credits, makes it possible for Related to bring affordable housing projects to the communities that need it most. Related Affordable also has seasoned experience partnering with local housing agencies, including MassHousing, which will prove greatly beneficial in this market.
“We are thrilled to welcome Ted onboard and look forward to having him spearhead our affordable housing activities in New England,” said Bruce A. Beal Sr., chairman of Related Beal. “Ted’s wealth of knowledge in the industry will allow us to grow our footprint, create creative solutions and expand our ability to serve the local communities in the region.”
Lubitz most recently served as vice president of acquisitions at Boston Financial Investment Management where he was responsible for managing all aspects of the acquisition cycle, from underwriting and due diligence through closing, while establishing and maintaining key relationships with affordable multifamily housing developers in the Mid-Atlantic and Northeast.
Prior to Boston Financial, he worked at First Atlantic Capital LLC for more than six years, starting as an analyst and eventually becoming assistant vice president. During this time, Lubitz was involved in a number of sizable multifamily housing deals, including a $30 million acquisition of 130 units in Long Beach, NY, made possible by combining Freddie Mac tax-exempt bond financing and low-income housing tax credits; a $21 million portfolio acquisition of General Partner interests in 26 properties representing 3,600 units in the Southeast; a $1.4 million joint venture equity investment in a 108-unit senior housing property in Wilmington, DE, utilizing a Freddie Mac refinancing for immediate recapitalization; and the acquisition of an 84-unit senior housing property in Bridgeport, CT, which was subsequently redeveloped, in part, with a $40 million taxable bond issuance made possible by CHFA. Lubitz earned his bachelor’s degree at Trinity College in Hartford, CT, and went on to receive his Master of Science degree in real estate development from the Massachusetts Institute of Technology.
Related Affordable’s current affordable housing portfolio in Massachusetts consists of 1,749 units across six properties. These include Westminster Village Arms in Lowell, a 431-unit property, 400 of which are assisted living units; Centennial Island in Lowell, which has 118 units, 117 of which are assisted living units; Plantation Towers in Worcester, which has 107 units; Washington Heights in Worcester, a 404-unit property, 366 of which are assisted living units; Chestnut Park in Springfield, which has a total of 489 units, 114 of which were designed for assisted living; and Village Park in Amherst, which houses 200 units,167 of which are assisted living units.
About Related Beal:
Related Beal is a fully-integrated real estate firm focused on development and investment opportunities in Boston and the surrounding region. Related Beal leverages Related Companies’ international real estate platform with expertise across all assets classes and The Beal Companies’ storied local experience in life sciences, commercial and residential development, property management and investment. Related Beal has developed, and is undertaking the development, of some of the most recognized buildings in the area including The Clarendon and One Back Bay, Lovejoy Wharf and Converse’s world headquarters. For more information on Related Beal, please visit www.relatedbeal.com.
About Related Affordable:
Related Affordable develops, acquires and preserves affordable housing throughout the nation. In the area of acquisitions and refinancing, the company pursues properties that meet one of the following criteria: Section 8 properties with project-based contracts; Section 236 properties in need of rehabilitation; Section 42 LIHTC properties with expiring low-income restrictions; Section 515 FmHA properties with loans that can be prepaid; or other assisted properties, including HODAG, HOME, federal or state-financed public housing. Related actively looks for affordable housing opportunities through the development, acquisition and refinancing of low, moderate and mixed-income properties around the country. Related has developed or acquired 45,000 units of affordable and workforce housing. For more information about Related, please visit www.related.com.