Related Beal Appoints John ‘Ted’ Lubitz Vice President
- May 12, 2014
Boston—Related Beal, a fully integrated real estate firm focused on development and investment opportunities in Boston, announced 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.
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.
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 sizeable multifamily housing deals, including a $30 million acquisition of 130 units in Long Beach, N.Y., 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 seniors housing property in Bridgeport, CT which was subsequently redeveloped, in part, with a $40mm taxable bond issuance made possible by CHFA.
Lubitz earned his Bachelor’s degree at Trinity College in Hartford, Conn., 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.