ST. PAUL-Baltimore-based Municipal Mortgage & Equity LLC--MuniMae for short--has added yet another feather to its acquisitions cap as well as broader geographic coverage with its newly minted purchase of locally based Glaser Financial. The acquisition of the commercial mortgage banker is valued at roughly $67 million, but the final price when the deal closes in the third quarter will be based on the achievement "of certain metrics," MuniMae officials said in a statement. President and CEO Michael Falcone tells GlobeSt.com that he's looking for the deal to close "on July 1, plus or minus."

When it does close, MuniMae gains a number of advantages, Falcone explains, including an expansion of its "geographic reach. We've done very little business in the Upper Midwest, so this will help us extend our brand." It also beefs up the firm's seniors-housing presence. "We've done about $50 million to $100 million annually in seniors housing," Falcone states. By contrast, some 40% of Glaser's $600 million in total annual production is seniors housing.

Glaser for its part gains access to MuniMae's growing product lines, Falcone explains: "Glaser has had only Freddie and Fannie HUD capabilities. Now they'll be able to offer their clients bridge and pre-development financing and tax credit equity," as only a part of their service lines.

Much of the capital for those initiatives will come from MuniMae's most recent acquisition, that of MONY Realty Capital from AXA Financial in January. It's the firm's fourth buy in six years.

Falcone was mum on the expected revenue increase Glaser would deliver, but in a statement, the spokespeople state that the pending deal will increase assets under management from $12 billion to more than $15 billion.

Essentially the entire team of Glaser, including the regional-office network, will remain intact and under the leadership of David Williams, Glaser's current CEO. Williams will report directly to MuniMae's EVP Gary Mentesana, who heads the debt group.