MuniMae Raises $74.1 Million in Public Offering

BALTIMORE, MD-Multifamily debt and investments services firm MuniMae, officially known as Municipal Mortgage & Equity, LLC has raised $74.1 million with the public offering of 3 million common shares. Merrill Lynch & Co., Legg Mason Wood Walker, Inc., Robertson Stephens and Wachovia Securities are managing the offering, which has a planned closing date for tomorrow, February 13.

“We are very pleased to complete another common share offering,” a MuniMae official says in a comment to GlobeSt.com. “The performance of the Company since first listing in 1996 has been very positive with consistently meeting analyst expectations. We are fortunate that the equity markets, as well as our sector of the multifamily housing industry, has been very favorable over the years. This new equity raise continues to strengthen MuniMae’s goal of smart and steady growth.” MuniMae could see proceeds of the offering rise to $85.2 million if underwriters exercise their option to acquire 450,000 more shares.