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BALTIMORE, MD-Multifamily housing lender Municipal Mortgage & Equity LLC has shared the news of its successful second quarter, revealing that it structured $394 million in multifamily housing financing for the three month period ending June 30. The lending company–more commonly known along with its subsidiaries as MuniMae and MuniMae Midland–also raised $47 million in tax credit equity. The recently revealed numbers surpass the $214 million in structured financing and the $32 million in tax credit equity reported for the first quarter.

The breakout is as follows: $103.6 million in tax-exempt bonds construction/permanent, $141.7 million in taxable construction/permanent lending, $16.9 million in working capital loans, and $131.7 million in equity investments. The most prominent financing deal of the quarter is MuniMae’s $75 million, multi-year investment venture with Rockville, MD’s CapREIT Inc. where MuniMae invested $64 million for equity in 18 properties, plus 11 million for similar investments to be made within a year of the arrangement. When the deal was negotiated earlier this month, CapREIT senior vice president Ernie Heymann shared with GlobeSt.com that there were letters of interest pending on selected properties in the Washington-Baltimore region.

In addition to the $75 million, MuniMae committed to investing $100 million more with CapREIT between next year and 2006, given the market’s cooperation. “The [CapREIT] portfolio, 18 geographically diverse apartment communities, will provide us with solid cash flow and we believe they have good potential for appreciation,” MuniMae CEO Mark K. Joseph notes. “Joining with them provides MuniMae with an ongoing vehicle to invest in a diverse portfolio of multifamily properties managed by a highly capable partner.” The 18 properties account for 5,581 units located in 11 mid-Atlantic, Southeastern and Midwestern states.

For the year-to-date, MuniMae has structured a total of $607.4 million in financing for multifamily housing. The company also recently reported a 15% increase from the second quarter of 2001 in cash available for distribution. “Overall,” Joseph concludes, “our second quarter production activities were on target with our goals.”

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