MuniMae Acquires a $3.4 Million Tax-Exempt Instrument.BALTIMORE--(BUSINESS WIRE)--July 3, 1997--Municipal Mortgage and Equity, L.L.C. (AMEX AMEXSee: American Stock Exchange :MMA (Microcomputer Managers Association, Inc.) A membership organization with chapters throughout the U.S. that was devoted to educating personnel responsible for personal computers. It disbanded in 1996. Mma - A fast Mathematica-like system, in Allegro CL by R. Fateman, 1991. ), also known as MuniMae, announced Thursday that it has invested in a $3.4 million tax-exempt instrument. MuniMae originates, invests in and services tax-exempt multifamily housing bonds. Since beginning its recent bond acquisition program, MuniMae has acquired, or committed to acquire, 12 tax-exempt bonds, or bond related investments, totaling over $84.9 million. MuniMae acquired a $3.4 million junior interest in a trust relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc a $10,080,000 tax-exempt mortgage revenue bond issued by Newport News Newport News, independent city (1990 pop. 170,045), SE Va., on the Virginia peninsula, at the mouth of the James River, off Hampton Roads, near Norfolk; inc. 1896. Redevelopment and Housing Authority. The bond is collateralized by the 296-unit apartment property known as Indian Lakes Apartments, located in Virginia Beach, Va. The property consists of two-story garden style and townhouse town·house or town house n. 1. A residence in a city. 2. A row house, especially a fashionable one. units with a clubhouse and several outdoor amenities. Mark Joseph, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of MuniMae, expanded, "Through this transaction, we have fixed our return at approximately 10.5% over the life of this investment. MuniMae's ability to access these types of transactions enables us to expand our business by identifying niche market opportunities." MuniMae has assets of approximately $227 million, consisting primarily of participating tax-exempt bonds, most of which provide for MuniMae to participate in the appreciation of the underlying apartments on a tax-exempt basis. The properties which back MuniMae's portfolio are located in 11 states and contain approximately 8,252 units with an average occupancy of 95%. MuniMae is organized as a limited liability company which provides for tax advantages as well as the benefit of corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. . MuniMae, like Real Estate Investment Trusts (REITs), is exempt from tax at the corporate level. In addition, the company passes through to its shareholders primarily tax-exempt dividends which are generated by its municipal bond investments. Dividends to growth, or common, shareholders are declared and paid quarterly. MuniMae: Tax-Exempt dividends and equity growth through real estate. -0- This press release contains statements which are forward-looking in nature and reflect management's current views with respect to future events and financial performance. These statements are subject to many uncertainties and risks and should not be considered guarantees of future performance. Actual results may vary materially from projected results based upon a number of factors, including the actual performance of the property pledged as collateral for this investment, general conditions in the local real estate market in which this property is located and prevailing interest rates. CONTACT: Municipal Mortgage and Equity, L.L.C. Mark K. Joseph, chairman and CEO or Derek K. Cole, director, investor relations Investor relations The process by which the corporation communicates with its investors. , 888/788-3863 |
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