MuniMae to Sell LIHTC Business
Municipal Mortgage & Equity, LLC, (MuniMae) has agreed to sell substantially all of its low-income housing tax credit (LIHTC) business to an affiliate of JEN Partners, LLC, a New York-based private equity real estate firm.
The deal involves the LIHTC assets operated by MuniMae subsidiaries, MMA Equity Corp. and MMA Financial TC Corp. other than its interests in certain guaranteed funds.
The approximately $30.7 million sale consists of $18.7 million to be paid in cash and approximately $12 million in liabilities to be assumed by the purchaser.
In a press release, officials said the sale is structured to occur in two closing. The first will cover at least 30 LIHTC funds and the operating assets of the business, inclusive of employments with a cash payment of at least $14 million plus the assumption of liabilities.
The second closing will cover the remaining assets being transferred plus the balance of cash consideration.
MuniMae said it will retain control of certain LIHTC funds in which the firm has guaranteed obligations and will engage the purchaser to manage the funds.
The deal involves the LIHTC assets operated by MuniMae subsidiaries, MMA Equity Corp. and MMA Financial TC Corp. other than its interests in certain guaranteed funds.
The approximately $30.7 million sale consists of $18.7 million to be paid in cash and approximately $12 million in liabilities to be assumed by the purchaser.
In a press release, officials said the sale is structured to occur in two closing. The first will cover at least 30 LIHTC funds and the operating assets of the business, inclusive of employments with a cash payment of at least $14 million plus the assumption of liabilities.
The second closing will cover the remaining assets being transferred plus the balance of cash consideration.
MuniMae said it will retain control of certain LIHTC funds in which the firm has guaranteed obligations and will engage the purchaser to manage the funds.
posted by Donna Kimura at 5:19 PM
<< Home