X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BALTIMORE-Multifamily housing lender MuniMae, more formally known as Municipal Mortgage & Equity, has entered into a $102 million cash agreement to acquire Lend Lease Real Estate Investments’ Boston-based equity financing division Housing and Community Investing. MuniMae has arranged for a $120 million acquisition facility with the assistance of RBC Capital Markets to facilitate the transaction. Company officials expect to seal the deal officially during the next quarter, after which the unified organization will carry the name of MMA Financial. The transaction will leave the newly formed MMA Financial in control over $7.4 billion in real estate investments.

“MMA Financial overnight becomes one of the nation’s largest and most influential players in the affordable-housing industry, bringing together two of the industry’s strongest and most experienced franchises, which combined can offer clients a unique range of products and enhanced quality of service,” says MuniMae board chairman and CEO Mark K. Joseph. “HCI perfectly reinforces our affordable housing debt financing business as well as complementing our existing tax credit syndication operation.”

As for personnel change, it is unclear how many of the 127 employees in HCI’s Boston office will make the transition to MMA Financial’s headquarters in Baltimore. However, both firms contend that upper management is expected to stay in place. HCI managing director Jenny Netzer will head up MMA Financial, which will be the result of the fusion between HCI and MuniMae Midland’s equity tax credit syndication subsidiary, as its executive vice president. Netzer says, “The integrated business will retain the best features of both operations, including access by investor clients to a broad range of well-structured and well-managed investments, and access by developer clients to a broad range of financing options.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.