Novaya Real Estate Ventures, LLC   Boston - MA Massachusetts

About This Sponsor

Novaya Real Estate Ventures, LLC is a real estate owner/operator and investment sponsor headquartered in Boston, MA.  Novaya principals have worked together as a team for the past 16 years (at Novaya as well as at predecessor company, Taurus Investment Holdings, LLC) and have completed over 100 successful projects.  Since inception in 2012 Novaya has acquired over 2.2 million square feet of office, industrial and retail assets.  Novaya targets value add opportunities where risk can be clearly identified and structured around so as to produce superior risk adjusted returns with an emphasis on preservation of investor capital.

  • Geographic Regions: Northeast, Mid-Atlantic, Midwest
  • Risk Profiles: Value Add (8-12%), Opportunistic (12-20%), Development (25%+)
  • Property Types Office, Retail / Shopping Center, Hotel, Industrial, Single Tenant, Multi-Family, Flex
  • Total Capitalization $290M
  • Gross Leasable Area 2,300,000 sqft

Company Overview

Novaya brings together nearly 100 years of collective experience in the real estate ownership arena. The complementary backgrounds of the Novaya principals enable their investors to access deep experience sets in real estate development, re-development and operations, as well as in real estate finance and the capital markets. Working off of these underpinnings, Novaya's investment philosophy centers upon the following basic tenets:

Trust/ Transparency

Developing and maintaining trust with investors, lenders, operating partners and intermediaries alike, has been central to their careers. Trust is earned, and it is transparency that is most often the currency. Novaya provides full disclosure to all of its partners, and works hard to properly articulate the risk and rewards to every transaction and attendant business plan on the front end. Novaya also provides comprehensive investment monitoring and asset management reporting throughout the life of the investment.

Value Investing

Novaya does not fit comfortably into the traditional real estate boxes of “core” or “core-plus” or “high-yield”. Novaya is charged by its investors to identify the optimal risk-adjusted returns as one moves out the risk-return spectrum for real estate. Far too often they see large swaths of the market herding to core locations and assets irrespective of return. More frequently Novaya sees value-add platforms taking undue risk to meet over-sized return expectations of their investor base. They choose to be neither. Novaya de-constructs every deal on its own merits and decide risk-reward trade-offs. And preservation of capital is always, always paramount.

Aligned Interests

Novaya aligns its interests alongside its investors by investing significant personal funds in each transaction. Further, they structure their compensation as “pay for performance”- with incentives for accomplishing major aspects of the business plan, and with their “upside” compensation parked behind a full return of investors capital and a healthy preferred return on that same capital.

Acquisition Criteria

  • Location: New England
  • Property Type: Office, Industrial, Retail, Residential
  • Target Deal Size: $5,000,000 - $300,000,000
  • Target Leverage: 60% - 75%
  • Target Minimum Return: 10% - 15%
  • Target Hold Period: 3 - 7 years

 

Portfolio

Number of Properties 26
Gross Leasable Area 2.2 Million SF
Total Capitalization $290 Million

Case Studies

Back Bay Aggregation Program

Novaya  and its local operating partner, Urban Meritage, LLC (the “Sponsors”) is mid-stream in a $300 million acquisition and re-development program targeting the Newbury Street retail district in Boston. Currently Novaya has acquired 11 buildings at a total capitalization of $160 million.  Newbury Street is widely regarded as the premier retail corridor in Boston. While predominantly known for its boutique retail, it also consists of over 800 units of housing (both for-sale and for rent) and over 200 office tenants. As with a predecessor program on Newbury Street of similar scale, the Sponsors will seek to create value through scale, creative redevelopment, and operational economies.


1 & 2 Executive Drive

Novaya acquired 1 & 2 Executive Drive, a 98% occupied Class A office park, in December 2012 at a very attractive basis, representing a 10% capitalization rate on in-place cash flow and an estimated 40% discount replacement cost. Novaya expects suburban office vacancy and market rents to continue improving trend as Boston’s market recovery expands from the central areas into the suburban markets.            Accordingly the investment is projected to provide strong cash flow during the holding period and attractive value-add returns upon exit.


Franklin Industrial Portfolio

Novaya acquired this two-building industrial portfolio as 100% occupied by a seasoned roster of national and regional distribution tenants. Novaya determined that the previous owner had allowed capital investment in the property to lag and had accepted discounted rents in exchange for foregoing tenant improvement outlays. Novaya budgeted for comprehensive capital improvement budget to help attract new tenant demand to the property and roll up rents that Novaya believe are 25% -35% below the current rents.


Executive Team

James M. Alden
Managing Principal

As the Managing Principal, Jim coordinates Novaya’s operations and manages investor relations with its private clients. Jim brings over twenty-five (25) years of demonstrated expertise in real estate transacting at Copley Real Estate Advisors and Boston Financial Group. Most recently, as Managing Principal of Taurus Capital Funding, LLC, Jim was responsible for Taurus Investment Holdings U.S. private investment offerings and broker-dealer activities. Jim received his BA from Brown University (’81) and his MS from Massachusetts Institute of Technology Center for Real Estate (’93).


Peter Carbone III, Esquire
Principal, Chief Investment Officer

As a Principal, Peter is responsible for sourcing, acquiring and managing the firm’s projects. In addition, he also structures and oversees joint ventures with local operators across all market segments. During his career, Peter has permitted and developed in excess of twenty-five (25) million square feet in the New England area through lengthy stints at Riemer & Braunstein, LP and National Development. As Managing Partner of Taurus New England, Peter purchased and managed over $1 billion of assets, including the highly successful Newbury Street program. Peter received his BS from the Carroll School of Management at Boston College (’87) and his JD from Suffolk University (’93).


Scott R. Tully
Principal, Capital Markets

As a Principal, Scott oversees all of the firm’s institutional relationships and capital market activities. He is responsible for sourcing, structuring and capitalizing large single asset and portfolio transactions, as well as the development of niche real estate funds. With over twenty-five (25) years of institutional real estate and capital markets experience at Bank of Boston, AEW Capital Management and Taurus Capital Markets, Scott has a proven track record in high volume transacting and fund formation, and is a trusted venture partner in institutional circles. Scott received his BA from Yale University (’87), his MBA from Boston University Graduate School of Management (’01), and his MA in International Affairs from the Fletcher School of Law and Diplomacy at Tufts University (’10).


Jeffrey R. Theobald
Principal, Vice President

As a Principal, Jeff is responsible for sourcing acquisitions, underwriting, due diligence and asset management. Jeff works across all business lines, supporting both real estate operations, capital-raising activities and oversees Novaya’s day-to-day operations. Jeff has extensive finance and real estate experience through periods State Street Bank and Trust and most recently, Taurus Investment Holdings. During his career he has developed over 1 million square feet of warehouse/distribution space and has transacted over $500 million of commercial and residential real estate in the US, Canada, Argentina and Turkey. Jeff received his BA from Tufts University (’03) and his MBA, summa cum laude, from the F.W. Olin School of Business at Babson College (’11).

Press

WHEELOCK STREET CAPITAL AND NOVAYA REAL ESTATE VENTURES CLOSE ON THE SALE OF 12 PARKWOOD DRIVE IN HOPKINTON, MA

July 27, 2016 www.novayaventures.com

July 2016 – BOSTON, MA – Colliers International, as representative for Wheelock and Novaya, recently completed the sale of 12 Parkwood Drive in Hopkinton for $2.93 Million to AIS Development.... read more


WHEELOCK AND NOVAYA, REPRESENTED BY COLLIERS, COMPLETE THE SALE OF TWO FLEX PROPERTIES TO CALARE PROPERTIES, INC.

May 2, 2016 www.novayaventures.com

Boston, May 11, 2016 – The Boston office of Colliers International successfully represented Wheelock Street Capital (Wheelock) and Novaya Real Estate Ventures (Novaya) in the $14,125,000 sale of two flex properties located in Marlborough, MA.... read more


WHEELOCK STREET CAPITAL AND NOVAYA REAL ESTATE VENTURES PURCHASE FOURTEEN PROPERTY PORTFOLIO

March 1, 2016 novayaventures.com

BOSTON, MASSACHUSETTS – Novaya Real Estate Ventures and Wheelock Street Capital recently completed the acquisition of 14 properties from RREEF, a division of Deutsche Bank AG.... read more


NOVAYA PICKS UP MIDDLEBOROUGH WAREHOUSE

January 12, 2016 Banker & Tradesman

Novaya Real Estate Ventures LLC has acquired a warehouse facility in Middleborough.... read more


NOVAYA REAL ESTATE VENTURES, LLC PURCHASES 154 CAMPANELLI DRIVE IN MIDDLEBOROUGH, MASSACHUSETTS

January 12, 2016 www.novayaventures.com

JANUARY 2016 – BOSTON, MA – Novaya Real Estate Ventures, LLC acquired 154 Campanelli Drive, a 275,0000 square foot Class A warehouse facility located in Middleborough, Massachusetts for $19,700,000.... read more


NOVAYA REAL ESTATE VENTURES, IN A JOINT VENTURE WITH FIVE MARK PROPERTIES, ENTERS RESIDENTIAL DEVELOPMENT MARKET

August 8, 2015 novayaventures.com

Five Mark and Novaya recently announced its first joint venture in the acquisition of a development site in Hanover, MA. ... read more


Acquisition Clears For 130-Unit Residential Project In Hanover

June 26, 2015 Banker & Tradesman

Five Mark Properties of Middleton and Boston-based Novaya Real Estate Ventures have acquired a multifamily development site in Hanover for $4.35 million.... read more


NOVAYA REAL ESTATE VENTURES ACQUIRES 57 LITTLEFIELD STREET IN AVON, MASSACHUSETTS

April 24, 2015 The Real Reporter

Novaya Real Estate Ventures increased their portfolio over twenty percent with the acquisition of 57 Littlefield Street in Avon, Massachusetts for $14.4 million on April 23, 2015.... read more


NOVAYA REAL ESTATE VENTURES KICKS OFF 2015 WITH THE EXECUTION OF NEW LEASES TOTALING OVER 90,000 SF

April 1, 2015 The Real Reporter

Headquartered in Boston, Novaya Real Estate Ventures recently secured three leases for over 90,000 square feet of office space at 10 and 55 Technology Drive in Lowell, Massachusetts... read more


UMNV URBAN CRE PLATFORM NEARS $150M

January 20, 2015 The Real Reporter

BOSTON — Urban Meritage, Novaya Ventures has begun 2015 much the same way they ended 2014—growing by leaps and bounds, most recently via the $54.2 million purchase of 126 Newbury St., a six-story, 50,000-sf office/retail building on the third block of the globally known shopping thoroughfare. T... read more


IN LARGEST UMNV DEAL TO DATE AT $54.2M, 50,000 SF ‘GEM’ PUTS HUB BUYING SPREE NEAR $150M

January 8, 2015 The Real Reporter

BOSTON—Bringing its CRE holdings secured here to 11 properties in just 21 months, the partnership of Urban Meritage and Novaya Ventures (UMNV) has taken a giant step forth in purchasing the hulking six-story 126 Newbury St. from its longtime New York owner in an eye-popping $54.2 million deal consummated earlier today.... read more


NOVAYA, URBAN MERITAGE GO ON $60M SPREE

December 12, 2014 The Real Reporter

BOSTON — Considering vast experience on globally known Newbury Street—and last week’s purchase of two more buildings there for $21 million— some might be surprised to see Novaya Ventures and Urban Meritage shifting a shared investment platform several blocks west to Kenmore Square...... read more


Marlborough office building sold for $9.1M

June 30, 2014 Worcester Business Journal

A Boston-based real estate investment firm has purchased a Marlborough office building for $9.1 million.... read more

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