With more than 28 years of real estate experience, Mr. Trivers is responsible for the underwriting and coordination of due diligence and feasibility assessment of equity investments at BCRE and has served in this position since 2001. He is a voting member of the Investment Committee. From 1993 through 2006, Mr. Trivers served as Director of Underwriting for the Boston Capital Affordable Rental Housing Fund at Boston Capital Partners. Under Mr. Trivers' direction over the past 15 years, more than 1,400 market rate and affordable apartment properties have been underwritten, encompassing approximately 120,000 apartments with an estimated value of $9 billion. During Mr. Trivers' tenure at Boston Capital, he has served as an expert on all aspects of construction including contracts, techniques, defects mitigation and litigation. Mr. Trivers was Director of Acquisitions-Affordable Housing from 2002-2004 and served as a voting member of the Affordable Housing Investment Committee from 1995-2006.

Prior to joining Boston Capital in 1993, Mr. Trivers served as Treasurer of New England Communities, Inc., a regional real estate company with acquisition, development, asset management, work-out and property management capabilities located in MA from 1982-1992. Mr. Trivers was Director of Property Management and Asset Management/Work-out Services from 1988-1992, which managed over 2.5 million square feet of commercial property. Mr. Trivers held the position of Director of Acquisitions from 1985-1988, acquiring and/or developing more than 750,000 square feet of office, warehouse and industrial commercial property in eastern MA. Mr. Trivers received an M.B.A. and a B.S. in Business from Babson College. He holds a construction license in MA.

With over 15 years of experience in real estate and finance, Rich Mazzocchi is responsible for the day-to-day management of the BCRE Acquisitions Department. Mr. Mazzocchi has worked at Boston Capital for nearly 13 years. Under his direction, the group is evaluating, negotiating and closing the acquisition and development of new and existing multifamily properties. Mr. Mazzocchi concentrates on identifying and structuring equity investment opportunities for multifamily properties throughout the U.S. He is also responsible for maintaining current relationships and managing the process of creating new relationships with investment sales firms and multifamily developers and operators. He also participates in the assessment process for renovation programs to be implemented upon acquisition of multifamily assets. Mr. Mazzocchi has been involved in the acquisition and/or development of over 12,500 multifamily units representing approximately $400 million in equity invested in $1.5 billion of assets.

Prior to joining Boston Capital, he worked with FJR Construction, a commercial and residential general contracting company. His responsibilities included construction project management and the oversight of the company's financial activities. He received an M.B.A. from Northeastern University and a B.S. in Finance from Babson College.

Joel Levitz is responsible for evaluating, negotiating and closing proposed real estate transactions under consideration for investment. For the past 14 years, he has contributed to Boston Capital's investment in more than 200 affordable and market rate properties containing nearly 20,000 residential units with a portfolio value of approximately $1.6 billion. Prior to his affiliation with Boston Capital, Dr. Levitz' career encompassed over 26 years in real estate including the founding of a consulting firm that performed audits, due diligence assessments and real estate asset management for national real estate developers and lenders. Dr. Levitz' diverse experience includes presentations at national conferences, managing executive workshops and directing a university-based executive education program. As a columnist for The Rocky Mountain News, Dr. Levitz authored over 200 articles on real estate. Dr. Levitz earned his Ed.D from Temple University, his M.A. from California State University at Sacramento and his B.S. from the City College of the State University of New York.

With more than eight years of experience in real estate and finance, Dan Hartley is responsible for evaluating potential property investments, negotiating purchase/investment terms, coordinating and conducting due diligence and closing investments related to the acquisition and Joint Venture development of new and existing multifamily properties. He is also responsible for Joint Venture and investor-level financial structuring and modeling and is involved in investor communications on financial matters. Prior to joining BCRE, Mr. Hartley spent two years working in Boston Capital's Structured Finance Group where he performed analysis and made recommendations regarding the structuring of housing investment funds to meet investor needs. Mr. Hartley graduated with a B.S. in Business Administration with a concentration in Finance from the University of North Carolina at Chapel Hill.

Ed McHugh negotiates and closes new and existing multifamily properties being considered for investment. He has been with Boston Capital for 14 of his 35 years in the real estate industry. Prior to his association with Boston Capital, Mr. McHugh served as vice president of JHM Realty, acquiring real estate investments, negotiating and structuring business acquisitions and leasing and purchasing sand and gravel sites. Mr. McHugh's real estate career began as a loan officer with South Shore Bank in Quincy, MA where he spent 15 years in various capacities of lending and finance. As senior vice president of a large mutual savings bank in Boston, he organized and directed the bank's first commercial loan department and participated in structuring Joint Ventures with real estate developers. He has successfully completed commercial lending and installment credit courses provided under the auspices of the American Bankers Association and has earned the designation of Certified Commercial Lender (CCL). Mr. McHugh attended Boston College and Northeastern University.

With over 24 years in real estate and finance, Gerry Zais has overall responsibility for BCRE's asset management including monitoring development, construction and lease-up of new properties and financial performance of stabilized, multifamily properties within the BCRE portfolio. Prior to joining BCRE, he was responsible for monitoring development and asset management of a Boston Capital portfolio of affordable apartment properties. He directed corporate reporting functions for Boston Capital's Asset Management Group, where he was a member of both the Investment Committee and Special Assets Committee for this portfolio. Prior to joining Boston Capital, he was a Regional Vice President with Apartment and Investment Management Company (AIMCO), a national multifamily REIT, where he had profit and loss responsibilities for a Midwest portfolio of over 13,000 units of multifamily housing and a regional operating center located in Indianapolis, IN. Mr. Zais attended Suffolk University.

Mr. Rourke has over 15 years experience in real estate and finance and is responsible for the asset management of a portfolio of assets including monitoring property performance, review of financial statements and quarterly and annual investor reporting. Prior to joining the asset management department, Mr. Rourke worked in the acquisitions department analyzing, underwriting and presenting potential multifamily development and acquisition opportunities for investment as well as assisting in the closing and asset management of investments. Mr. Rourke's responsibilities also include updating and maintaining financial models utilized for investment decision making and coordinating and assisting in the assembly of Investment Memoranda. Prior to joining BCRE, Mr. Rourke worked at the New England Life Insurance Company in various financial positions including Commercial Mortgage Analyst. Mr. Rourke also served as an Analyst in the Real Estate Capital Markets Group of Spaulding and Slye and as a Commercial Loan Officer for MetLife's Boston office. Mr. Rourke holds a B.S. in Finance and Marketing from North Adams State College.

Matt Dillis serves as an in-house technical resource for Boston Capital, providing expertise in engineering, property condition, environmental and construction issues for new and existing multifamily properties. Mr. Dillis has over 22 years of experience as an engineer in the real estate industry, working with developers, lenders and investors nationwide. Prior to joining Boston Capital, he served as Chief Engineer for Deutsche Bank Berkshire Mortgage, where his duties ranged from technical risk management in mortgage underwriting to the development of management strategies for troubled assets and technical liaison with investors including Fannie Mae and Freddie Mac. Mr. Dillis received his B.S. in Civil Engineering from Merrimack College and is a Registered Professional Engineer in the Commonwealth of Massachusetts.

Dan Elder has been with Boston Capital for more than 15 years. During that time, he has been responsible for underwriting activities on numerous multifamily acquisitions. Specific responsibilities include site due diligence, market analysis, property physical condition evaluations, project rehabilitation scopes of work and budgeting reviews, financial projections, document review and the creation of proprietary models and reports for Boston Capital's use in the evaluation of potential investments. Mr. Elder has underwritten more than 250 multifamily acquisitions and has acted as the project manager of several construction rehabilitation projects for Boston Capital. Prior to working with Boston Capital, he had experience in the areas of architecture, property management, construction and development. He received an M.S. in Real Estate Development from MIT and a B.S. in Civil Engineering from Tufts University.