MuniMae Midland, LLC, Finances $21 Million Second Mortgage.Business Editors BALTIMORE--(BUSINESS WIRE)--Sept. 26, 2001 MuniMae Midland, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , the operating company operating company A business that engages in transactions with outsiders. of Municipal Mortgage and Equity, LLC (NYSE NYSE See: New York 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. ) is pleased to announce the recent funding of $21 million in second mortgage debt for CAPREIT Tera Venture, a multi-property portfolio of 2,942 apartment homes located in Iowa, Florida, Indiana, Georgia, Indiana and South Carolina. This loan package was combined with first mortgage tax-exempt bonds and subordinate mortgage(s) held by Merrill Lynch to provide a total financing package in excess of $140 million. Many in the real estate finance markets will recognize Municipal Mortgage and Equity, LLC (MuniMae) and The Midland Companies (either as Midland Mortgage Investment Corporation or Midland Equity Corporation). In late 1999 when MuniMae acquired The Midland Companies, the vision of what these two real estate finance companies could do with their combined strengths became apparent. Slightly more than a year later, in early 2001, a true merger of experience, capital, operating philosophy, human resources and multifamily financing vision was undertaken when MuniMae Midland, LLC was formed. With regional offices in Baltimore, MD, Clearwater, FL, Dallas, TX, Detroit, MI and San Francisco, CA, the MuniMae Midland nationwide network of Investment Officers has knowledge of local markets and the capacity to understand and serve customer needs. We offer tax-exempt and taxable debt financing; tax credit and market rate equity capital; and, our executions can be with Fannie Mae (DUS DUS Driving Under Suspension (criminal charge) DUS Dwelling Unit (real estate) DUS Dynamic Underground Stripping DUS Dusseldorf, Germany - Dusseldorf (Airport Code) Lender), FHA/HUD (MAP-approved), MuniMae's tax-exempt proprietary accounts or pension fund financing through Midland's private REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). and Group Trust. MuniMae and its subsidiaries originate, service and asset manage investments in multifamily debt and equity for its own account and on behalf of others. Assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. total $2.6 billion secured by 736 properties and 75,618 units in 46 states, the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). and the US Virgin Islands. For its proprietary accounts, MuniMae primarily holds tax-exempt multifamily housing bonds. The on-balance sheet portfolio of tax-exempt bonds is secured by 112 properties containing 27,402 units in 21 states and D.C. Of these bonds, approximately forty percent provide for MuniMae to participate in the appreciation of the underlying apartments. MUNIMAE MIDLAND, LLC: PREMIER PROVIDER OF DEBT & EQUITY IN TODAY'S MULTIFAMILY MARKETPLACE www.munimaemidland.com |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion