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                                                                 Exhibit 10.5(b)

                               AMENDMENT NO. 1 TO
             SECOND AMENDED AND RESTATED ADVISORY SERVICES AGREEMENT

     This Amendment No. 1 to the Second Amended and Restated Advisory Services
Agreement (the "Amendment") is dated as of March 31, 2006, and is entered into
by and between Boston Capital Real Estate Investment Trust, Inc., a Maryland
corporation (the "Company"), and Boston Capital REIT Advisors, LLC, a Delaware
limited liability company (the "Advisor").

     WHEREAS, the Company and the Advisor have entered into that certain Second
Amended and Restated Advisory Services Agreement, dated as of February 1, 2005
(the "Agreement"); and

     WHEREAS, the Company and the Advisor desire to amend the Agreement as set
forth herein.

     NOW, THEREFORE, in consideration of the premises herein contained and for
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

     1.   DEFINITIONS. Capitalized terms used in this Amendment, unless
otherwise defined herein, shall have the meanings ascribed to such terms in the
Agreement.

     2.   AMENDMENT OF AGREEMENT.

     A.   From and after the effective date of this Amendment, Section 10(a) of
the Agreement entitled "Organization and Offering Expenses" is hereby amended by
deleting: "The Company shall reimburse the Advisor", and replacing the same with
"The Company shall reimburse the Advisor or its affiliates".

     B.   From and after the effective date of this Amendment, Section 10(b) of
the Agreement entitled "Asset Management Fee" is hereby amended by deleting from
the first sentence of Section 10(b): "The Company shall pay to the Advisor", and
replacing the same with "The Company shall pay to the Advisor or its
affiliates"; by deleting from the second sentence of Section 10(b): "assumed
upon the purchase of the properties"; and by inserting at the end of the second
to last sentence of Section 10(b): "or its affiliates".

     C.   From and after the effective date of this Amendment, Section 10(c) of
the Agreement entitled "Acquisition Fee" is hereby amended by deleting from the
first sentence of Section 10(c): "The Advisor may receive", and replacing the
same with "The Advisor or its affiliates may receive" and by deleting from the
fourth sentence of Section 10(c): "In no event shall the Advisor receive", and
replacing the same with "In no event shall the Advisor or its affiliates
receive".

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     3.   RATIFICATION. The terms and provisions set forth in this Amendment
shall modify and supersede all inconsistent terms and provisions of the
Agreement and shall not be deemed to be a consent to the modification or waiver
of any other term or condition of the Agreement. Except as expressly modified
and superseded by this Amendment, the terms and provisions of the Agreement are
hereby ratified and confirmed and shall continue in full force and effect.

     4.   SEVERABILITY. Any provision of this Amendment held by a court of
competent jurisdiction to be invalid or unenforceable shall not impair or
invalidate the remainder of this Amendment and the effect thereof shall be
confined to the provision so held to be invalid or unenforceable.

     5.   REFERENCES. Any reference to the Agreement contained in any document,
instrument or agreement executed in connection with the Agreement shall be
deemed to be a reference to the Agreement as modified by this Amendment.

                                        2
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed and delivered by their respective duly authorized officers on the date
first above written.

                                    COMPANY:

                                    BOSTON CAPITAL REAL ESTATE
                                    INVESTMENT TRUST, INC.

                                    By: /s/ Jeffrey H. Goldstein
                                        -----------------------------
                                        Name:  Jeffrey H. Goldstein
                                        Title: President and Chief Operating
                                               Officer

                                    ADVISOR:

                                    BOSTON CAPITAL REIT ADVISORS,
                                    LLC

                                    By: Boston Capital Corporation, its manager

                                    By: /s/ John P. Manning
                                        -----------------------------
                                        Name:  John P. Manning
                                        Title: Chairman and Chief Executive
                                               Officer

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                                                                    Exhibit 10.8

                              AMENDED AND RESTATED
                BOSTON CAPITAL REAL ESTATE INVESTMENT TRUST, INC.
                              SHARE REPURCHASE PLAN

     The Board of Directors (the "Board") of Boston Capital Real Estate
Investment Trust, Inc., a Maryland corporation (the "Company"), has adopted and
elected to implement a share repurchase plan (the "Repurchase Plan") by which
shares of the Company's common stock ("Shares") may be repurchased by the
Company from shareholders subject to certain conditions and limitations.

     1.   REPURCHASE OF SHARES. The Company may, at its option, repurchase
Shares presented to the Company for cash, subject to the limitations regarding
availability of funds and the aggregate amount of Shares the Company is
permitted to purchase under the Repurchase Plan, and certain other conditions
and restrictions. Any and all Shares the Company purchases under the Repurchase
Plan will be canceled, and will have the status of authorized but unissued
Shares. Any and all Shares the Company acquires through the Repurchase Plan will
not be reissued unless such Shares are first registered with the Securities and
Exchange Commission under the Securities Act of 1933 and under appropriate state
securities laws or otherwise issued in compliance with such laws. Only Shares
held by a shareholder for more than one year will be eligible for purchase under
the Repurchase Plan.

     2.   REPURCHASE PRICE. The repurchase price at which Shares may be sold
back to the Company are as follows:

          (a)  ONE YEAR FROM THE PURCHASE DATE AND DURING A PUBLIC OFFERING OF
     THE SHARES. The repurchase price shall be the less of: $9.15 per Share; or
     the purchase price the shareholder actually paid for the Shares.

          (b)  ONE YEAR FROM THE PURCHASE DATE AND DURING PERIODS THE COMPANY IS
     NOT ENGAGED IN A PUBLIC OFFERING OF THE SHARES. During periods when the
     Company is not engaged in an offering, the repurchase price per Share, will
     be based on periodic updates on the value of the Company's properties in
     the portfolio, as the Board determines based upon the Company's audited
     financial statements. The Board will announce any price adjustment and the
     time period of its effectiveness as a part of its regular communications
     with shareholders.

     3.   FUNDING OF REPURCHASE PLAN. The Company is permitted, for the purpose
of repurchasing Shares, to use proceeds from its Dividend Reinvestment Program
(the "Reinvestment Program") and other operating funds, if any, as the Board, in
its sole discretion, may reserve for this purpose.

          (a)  DIVIDEND REINVESTMENT PROGRAM. The full amount of the proceeds
     from the Reinvestment Program attributable to any calendar quarter may be
     used by the Company to repurchase Shares presented during that calendar
     quarter.

          (b)  EXCESS AVAILABLE FUNDS. In the event that the proceeds from the
     Reinvestment Program exceeds the amount needed to repurchase the Shares for
     which

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     repurchase requests have been submitted in a particular calendar quarter,
     the Company may (but shall not be obligated to) carry over such excess
     amount to the subsequent calendar month(s) for use in addition to the
     amount of proceeds available from the Reinvestment Program.

          (c)  INSUFFICIENT AVAILABLE FUNDS. In the event that the proceeds from
     the Reinvestment Program are insufficient in amount to repurchase all of
     the Shares for which repurchase requests have been submitted in a
     particular quarter (or in the event, honoring all repurchase requests could
     violate the Aggregate Number of Shares Limit described in Section 4(e)
     below), the Company shall repurchase only those Shares for which it has
     available funds (and which would not violate the Aggregate Number of Shares
     Limit), on a pro rata basis for that calendar quarter. A shareholder whose
     Shares are not repurchased due to insufficient proceeds or because of the
     Aggregate Number of Shares Limit in that calendar quarter will have his
     request honored. A shareholder whose Shares are not repurchased may
     withdraw his request for repurchase by notifying the Company in writing
     before the last day of the quarter. The Company cannot guarantee that it
     will be able to repurchase all Shares for which a repurchase request is
     received.

          (d)  PERCENTAGE LIMITATION. To the extent the Company has funds
     available from sources described in subparagraphs 3(a) and 3(b) above, the
     Company may effect repurchases of Shares; provided, however, at no time
     during any consecutive 12-month period may the number of Shares repurchased
     by the Company under this Repurchase Plan exceed three percent (3%) of the
     number of Shares outstanding at the beginning of such 12-month period.

     4.   SHAREHOLDER REQUIREMENTS. Any shareholder may elect to participate in
the Repurchase Plan with respect to all or a designated portion of the
shareholder's Shares, subject to the following conditions and limitations:

          (a)  HOLDING PERIOD. Only Shares that have been held by the presenting
     shareholder for more than one (1) year are eligible for repurchase by the
     Company. In the event of the death of a shareholder, the filing for
     bankruptcy by a shareholder or the existence of other exigent circumstances
     as determined by the Board or the officers of the Company, in its or their
     sole discretion, and in each case, provided such event occurs during the
     one year holding period, the Board or the officers of the Company, in its
     or their sole discretion, may waive the holding period for the shareholder
     or the shareholder's beneficiaries or heirs, as appropriate.

          (b)  AGGREGATE NUMBER OF SHARES LIMIT. Subject to sufficient funds
     being available, the number of Shares repurchased during any calendar year
     shall be limited to three percent (3.0%) of the weighted average number of
     Shares outstanding during the prior calendar year. Fractional shares may
     not be presented for repurchase.

          (c)  WRITTEN REQUESTS. A shareholder may request that the Company
     repurchase the shareholder's Shares by submitting a written request, to Mr.
     Jeffrey Goldstein, President Boston Capital Real Estate Investment Trust,
     Inc., One Boston Place, Suite 2100, Boston, MA 02108-4406. The written
     request must state the name of the person/entity who owns the Shares, the
     date of purchase of the Shares and the number of Shares to be repurchased.
     Written requests for shall be accepted on a on a calendar

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     quarter basis, subject to the limitation set forth in Section 4(b) above
     and subject to funds being available.

          (d)  ASSIGNMENT FORM. Generally within one week of submitting the
     written request, the Company shall send an assignment form for execution by
     the shareholder or the shareholder's custodian/trustee along with a request
     to return the certificate of ownership. The assignment must be properly
     executed, and the certificate of ownership must be properly endorsed and
     presented to the Company.

          (e)  INSUFFICIENT AVAILABLE FUNDS. It is possible that a shareholder
     may not have the entire written request honored due to the funds available
     for the Repurchase Plan. If the Company does not have sufficient funds
     available for repurchase of the entire request, the Company will purchase
     only those Shares for which sufficient funds are available; and prorate its
     purchases from the aggregate requests from the requesting shareholders. The
     Company will place the requesting shareholder who does not have their
     entire request honored on a waiting list until funds become available
     sufficient to complete the transaction. If there are no funds are available
     for the Repurchase Plan when a repurchase is requested, the shareholder may
     withdraw the written request, or ask that the Company honor the request
     when funds are available.

          (f)  NO ENCUMBRANCES. All Shares presented for repurchase must be
     owned by the shareholder(s) making the presentment, or the party presenting
     the Shares must be authorized to do so by the owner(s) of the Shares. Such
     Shares must be fully transferable and not subject to any liens or other
     encumbrances. Upon receipt of the assignment form, the Company will conduct
     a Uniform Commercial Code ("UCC") search to ensure that no liens are held
     against the Shares at the cost of $100 to the shareholder, which will be
     deducted from the proceeds of the repurchase. The repurchase will occur on
     a pro rata basis assuming all documentation is complete, including a
     negative response from a UCC search. If the UCC search determines that a
     lien exists against the Shares, the Company will charge the requesting
     shareholder for the UCC search.

          (g)  WITHDRAWAL OF WRITTEN REQUEST. In the event a shareholder wishes
     to withdraw the written request to have the Shares repurchased, the
     shareholder must notify the Company in writing. The Company will not
     repurchase that shareholder's Shares so long as the Company receives the
     written request to withdraw prior to the date payment is sent to the
     applicable shareholder. If the Company conducts the UCC search prior to
     receiving the shareholder's written request to withdraw, the shareholder
     will be responsible for payment of the $100 UCC search fee regardless of
     such withdrawal.

          (h)  DEADLINE FOR PRESENTMENT. The Company will repurchase Shares on
     or about the last day of each calendar quarter.

     5.   TERMINATION OF REPURCHASE PLAN. This Repurchase Plan shall terminate
or be suspended, as the case may be, and the Company will not accept Shares for
repurchase upon the occurrence of any of the following:

          (a)  In the event the Shares are listed on any national securities
     exchange, or are subject of bona fide quotes on any inter-dealer quotation
     system or electronic communications network, or are subject of bona fide
     quotes in the pink sheets; or

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          (b)  In the event the Board determines it to be in the best interest
     of the Company to suspend or terminate the Repurchase Plan.

     6.   AMENDMENT. This Repurchase Plan may be amended in whole or in part by
the Board, in its sole discretion, at any time or from time to time.

     7.   MISCELLANEOUS.

          (a)  NOTICE. If the event the Company terminates, reduces or otherwise
     change the Repurchase Plan, the Company will send a written notice to
     shareholders informing them of the such termination or change with at least
     thirty days advance written notice, and the Company will disclose the
     changes in quarterly reports filed with the Securities and Exchange
     Commission on Form 10-Q.

          (b)  LIABILITY. Neither the Company nor the Repurchase Agent (as
     defined below) shall have any liability to any shareholder for the value of
     the shareholder's Shares, the repurchase price of the shareholder's Shares,
     or for any damages resulting from the shareholder's presentation of this
     Shares or the repurchase of the Shares under this Repurchase Plan, except
     as result from the Company's or the Repurchase Agent's gross negligence,
     recklessness, or violation of applicable law; provided, however, that
     nothing contained herein shall constitute a waiver or limitation of any
     rights or claims a shareholder may have under federal or state securities
     laws.

          (c)  TAXES. Shareholders shall have complete responsibility for
     payment of all taxes, assessments, and other applicable obligations
     resulting from the Company's repurchase of Shares.

          (d)  REPURCHASE AGENT. The Repurchase Agent, Boston Capital
     Securities, Inc., shall be a member of the NASD.

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