MMA Capital to acquire LIHTC business of MGM.
BANKING AND CREDIT NEWS-October 16, 2018-MMA Capital to acquire LIHTC business of MGM
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MMA Capital Management, LLC (NASDAQ: MMAC) has announced that an affiliate of Hunt Companies, Inc. has exercised Hunt's option between the Company and Hunt to take assignment of the Company's commitment to acquire the LIHTC business of Morrison Grove Management, LLC ("MGM"), the company said.
As a result of the Company's assignment of the MGM PSA and Hunt's closing thereunder, the Company will recognize an increase in common shareholders' equity of approximately USD 14.2 million in the fourth quarter, or approximately USD 2.32 per share based on our diluted shares outstanding at June 30, 2018.
The assignment of the MGM PSA and Hunt's closing completes the Company's disposition of its LIHTC business. In connection with the closing, the Company completed a series of additional transactions completing the disposition of MGM related assets.
Those additional transactions included the acquisition by Hunt from the Company of a USd 9.0 million senior loan for USD 9.4 million, a loan previously acquired from an affiliate of MGM. In addition, the Company acquired USD 10.0 million in Hunt notes from the MGM principals, for USD 5.0 million in cash and USD 5.0 million in a Company note.
MMA Capital primarily invests in debt associated with real estate and infrastructure. MMA Capital is externally managed and advised by Hunt Investment Management, LLC, an affiliate of Hunt Companies, Inc.
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|Publication:||M2 Banking & Credit News (BCN)|
|Date:||Oct 16, 2018|
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