MuniMae Makes the Grade with $317M in Financing

BALTIMORE-It has been a successful year so far for multifamily debt and equity investments originator and manager Municipal Mortgage & Equity LLC, and the third quarter was no exception. MuniMae, as the company is more familiarly known, put together financing totaling $317 million for multifamily housing for the period beginning July 1 and ending Sept. 30. The financing consisted of $102.5 million in taxable construction and permanent lending funds, $101 million in tax-exempt bonds, $18 million in supplemental loans, and $95.5 million in equity investments.

“Consistent with our history and the cyclical nature of our business, the pipeline is looking stronger for the fourth quarter,” MuniMae chairman and CEO Mark K. Joseph notes. “Our tax credit equity syndication volume has increased significantly due to our July 2003 acquisition of HCI.” MuniMae made the $102 million cash purchase of HCI–a low-income housing tax credit equity investments syndicate more formally known as Housing and Community Investing–from Lend Lease Real Estate Investments, which acquired the unit in 1999 for $138 million. MuniMae merged HCI and subsidiary MuniMae Midland LLC to form what is now called MMA Financial.