MuniMae Structures $242M for Multifamily Housing

BALTIMORE, MD-Municipal Mortgage & Equity, LLC–more commonly known as MuniMae and MuniMae Midland–has revealed the organization’s structuring of $213.5 million in financing for the multifamily housing sector over the first quarter of this year. The investments account for 1,745 multifamily units and include $30.4 million in tax exempt bonds for construction, $138.5 million in permanent lending for construction, $14.6 million in working capital loans, and $30 million in equity investments. The construction bonds covered four properties in Los Angeles, CA and Monroe, LA.

“Our first quarter production activities indicate healthy demand for construction and permanent loans as well as equity investments, ” MuniMae chairman and CEO Mark K. Joseph says of the accomplishment. “ MuniMae intends to respond to this demand prudently. The challenge for us is constantly screening out ['dumb deals']. So far, we’ve been good at doing this and believe we will be able to reach our 2002 production goals.” MuniMae also announce it has raised $32 million in tax credit equity and $82 million common equity.