MuniMae Records $413M in Q2 Funding

BALTIMORE-Debt and equity services provider Municipal Mortgage & Equity LLC has released numbers indicating that activity for the first quarter of this year concluded on a surprisingly high note. More commonly known as MuniMae, the company orchestrated $413 million in multifamily property financing during the first three months of 2004. That number is nearly three times the $154 million in financing the company completed during the first quarter of 2003. And there is more good news. MuniMae also raised $91 million in tax credit equity last quarter; $56 million more than it raised during the same period in 2003.The financing breaks down into four parts. The biggest portion of financing, approximately $192 million, went to taxable construction/permanent lending ventures, while $146 million was directed toward equity syndications and investments. Approximately $63 million was used for tax-exempt bonds, and the remaining $12 million in financing was accounted for in supplemental loans. Production volumes for the first quarter of a year are usually far lower due to the affordable housing allocation cycle’s seasonal schedule in which tax credits, state loans and tax-exempt bonds are awarded no earlier than the middle of the year. “Achieving over $400 million in volume in the first quarter gives us a great start for 2004,” says Mark K. Joseph, MuniMae chairman and CEO. “In addition, MuniMae raised $54.8 million in gross proceeds as a result of its seventh follow-on equity offering. As a result of the first quarter activities, we are on track with our goals set for the year.”