Austin's Ft. Branch Landing, a 250-unit complex, is being used as collateral for a $12.32 million tax-exempt bond. The bond carries an 8.1% interest rate through construction completion and then decreases to 7.7%. MuniMae's subsidiary, The Midland Cos., has chipped in $7.03 million of tax equity toward the project. As a result of the financing, MuniMae has earned a 1.5% financing fee and maintains mortgage-servicing rights.In San Antonio, MuniMae has acquired $5.22 million in tax-exempt bonds for the 168-unit Timber Ridge project. MuniMae also has floated a $205,000 taxable loan at 10% interest for the project.
In San Marcos, a 173-unit student housing project, Jefferson Commons, is securing a $19.9 million tax-exempt bonds that carries an 8.2% interest rate. MuniMae can reap up to 8.65% of property level growth.
A senior retirement community, totaling 176 units, in Arlington is getting $12.63 million backing with the tax-exempt bond financing. The bond carries an 8.75% interest rate until construction is finished and then drops to 8.1%. The Arlington Independent Retirement Community also has received a MuniMae-backed taxable loan of $783,500 at 9.4% interest.
The only non-Texas project that has been financed is the 312-unit Bedford Park in Indianapolis. The community secures a $9.33 million tax-exempt bond at an 8.625% interest rate pending renovation and then it dips to 8%. The Midland Cos. has put in $4.32 million of tax credit equity toward the project.
MuniMae and its subsidiaries originate, service and manage investments totaling $2.3 billion for proprietary accounts and institutional investors, primarily using tax-exempt multifamily housing bonds as the funding vehicle.
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