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Jim McAuliffe is a principal at Abbott Real Estate Development LLC. He is the past President of John Hancock Realty Advisors, Inc. (JHRA), a wholly owned subsidiary of the John Hancock Mutual Life Insurance Company ("John Hancock"). Under Mr. McAuliffe's direction, JHRA invested in the development of apartments that qualified for Low-Income Housing Tax Credits (under Sections 42 of the Internal Revenue Code). An investment fund was created in June 1995 with $65 million of equity and $55 million of debt.
The John Hancock Corporate Tax Credit Fund I invested in 18 developments. The estimated annual IRR for this first fund over a 15-year period was projected to be 14% after-tax (21.5% pre-tax). Mr. McAuliffe then created the second fund, the John Hancock Corporate Tax Credit Fund II, totaling $200 million of equity and $100 million of debt. Mr. McAuliffe also hired and supervised 2 asset managers, 11 acquisitions officers, 2 construction managers, and 5 support staff to run JHRA. Mr. McAuliffe developed relationships with over 300 developers of affordable housing throughout the United States.
Prior to becoming President of JHRA, Mr. McAuliffe headed John Hancock's Workout Portfolio of approximately 70 troubled properties totaling $500 million. This portfolio included 6,000,000 square feet of commercial, industrial, and retail, and 3,000 apartment units, mobile home pads, and hotel rooms. There, he supervised 6 asset managers.
Immediately prior to overseeing the Workout Portfolio, Mr. McAuliffe headed the Disposition Team for Hancock's Real Estate Investment Group. This team was comprised of 3 dispositions officers and did approximately 60 transactions totaling $250 million over a three-year period. One transaction, the sale of 12 apartment complexes for $92 million, created the largest sale and gain ever experienced by John Hancock.
Before joining John Hancock, Mr. McAuliffe spent over ten years developing residential, office, and industrial real estate. Mr. McAuliffe is a graduate of Tufts University and received a Masters in Business Administration with an emphasis in finance from Boston University.