MuniMae Absorbs HCI in $102M Cash Deal

BALTIMORE-Multifamily housing lender MuniMae, more formally known as Municipal Mortgage & Equity, has entered into a $102 million cash agreement to acquire Lend Lease Real Estate Investments’ Boston-based equity financing division Housing and Community Investing. MuniMae has arranged for a $120 million acquisition facility with the assistance of RBC Capital Markets to facilitate the transaction. Company officials expect to seal the deal officially during the next quarter, after which the unified organization will carry the name of MMA Financial. The transaction will leave the newly formed MMA Financial in control over $7.4 billion in real estate investments.

“MMA Financial overnight becomes one of the nation’s largest and most influential players in the affordable-housing industry, bringing together two of the industry’s strongest and most experienced franchises, which combined can offer clients a unique range of products and enhanced quality of service,” says MuniMae board chairman and CEO Mark K. Joseph. “HCI perfectly reinforces our affordable housing debt financing business as well as complementing our existing tax credit syndication operation.”