CharterMac Completes $338M Acquisition of Related Capital

NEW YORK CITY-After taking nine months to wind its way through the SEC approval process, Charter Municipal Mortgage Acceptance Co. completed its $338-million acquisition of 100% of the ownership interests of Related Capital Co. The self-advised and self-managed company has changed its name to CharterMac. Shareholders approved the purchase Monday.

A company spokesperson tells GlobeSt.com that CharterMac will continue to be headquartered in at 625 Madison Ave. and that no employees are being let go, as the CharterMac and Related business lines are complementary, but do not duplicate their efforts.

According to company officials, the firm has more than tripled its market capitalization in a five-year period to more than $2 billion, and delivering to its shareholders an average annual total return of over 22% on a tax-adjusted basis. The merger, first announced in mid December of last year, provides the firm with even more opportunities to be the leading multifamily finance company in the US, according to company officials.