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First Buy for New $240M Back Bay Fund!

First Buy for New $240M Back Bay Fund!

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UrbanMeritage partner Vin Norton (here with Nixon Peabody's Larry DiCara at a recent industry event) tells us that he and partner Mike Jammen have raised a third fund-- in a JV with Novaya Real Estate Ventures--totaling $240M to buy Back Bay properties. They have their first asset under contract and Vinexpects to do several more deals this year. High prices dont frighten him. He says UrbanMeritage is selective and hasseveral value-add strategies to deploy. The companys track record: In late 11, Urban Meritage, with Taurus Investments, sold a $226M Back Bay retail portfolio to Atlanta-based Jamestown.