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CharterMac to Acquire Related Capital Co. for $338M

NEW YORK CITY-The multifamily finance company will become self-managed and self-advised once it closes a two-tiered deal that has already received board approval but still faces a shareholder vote.

By Glen Thompson | Updated on December 18, 2002

NEW YORK CITY-After a year of exploring management alternatives for the company, Charter Municipal Mortgage Acceptance Company revealed today that it will acquire multifamily financial services provider Related Capital Co. in a $338-million deal.

The deal allows CharterMac to terminate its management with RCC affiliate Related Charter LP and to become a self-advised, self-managed company. CharterMac officials say the acquisition will expand its access to capital, create a more efficient cost structure for future growth, diversify revenue sources and business expansion and eliminate perceived conflicts of interest.

“The combination of CharterMac and Related Capital will create one of the largest, streamlined multifamily finance platforms in the nation,” says CharterMac chairman Stephen M. Ross. Selling principals in addition to Ross include RCC executive managing partners Stuart J. Boesky, Alan P. Hirmes, Marc D. Schnitzer and Denise L. Kiley.

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