MuniMae Structures $394M in Q2

BALTIMORE, MD-Multifamily housing lender Municipal Mortgage & Equity LLC has shared the news of its successful second quarter, revealing that it structured $394 million in multifamily housing financing for the three month period ending June 30. The lending company–more commonly known along with its subsidiaries as MuniMae and MuniMae Midland–also raised $47 million in tax credit equity. The recently revealed numbers surpass the $214 million in structured financing and the $32 million in tax credit equity reported for the first quarter.

The breakout is as follows: $103.6 million in tax-exempt bonds construction/permanent, $141.7 million in taxable construction/permanent lending, $16.9 million in working capital loans, and $131.7 million in equity investments. The most prominent financing deal of the quarter is MuniMae’s $75 million, multi-year investment venture with Rockville, MD’s CapREIT Inc. where MuniMae invested $64 million for equity in 18 properties, plus 11 million for similar investments to be made within a year of the arrangement. When the deal was negotiated earlier this month, CapREIT senior vice president Ernie Heymann shared with GlobeSt.com that there were letters of interest pending on selected properties in the Washington-Baltimore region.