"The strategic importance of this acquisition is quite significant," says Michael Falcone, MuniMae CEO and president. "It immediately increases our assets under management by more than 20%, jump-starts the growth of our investment advisory business, and expands our platform beyond multifamily housing. It allows us to provide existing products to new customers and new products to existing customers."
MONY Realty Capital's 50 employees--located in five regional offices in Atlanta, Chicago, Irvine, CA, Littleton, CO and New York--will stay on after MuniMae's purchase of the company, which will then take on the new name of MMA Realty Capital Inc. MONY Realty Capital operated under the name of MONY Real Estate Investment Management until 2002.
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