Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Wednesday, 13 October 1999

MuniMae Provides $28 Mln For Merrill Portfolio

Written by 
Rate this item
(0 votes)
October 14, 1999

BALTIMORE – Municipal Mortgage & Equity, LLC (NYSE: MMA), also known as MuniMae, has agreed to provide a $28 million financing package to Merrill Lynch and various affiliates of CapREIT, a private real estate investment trust.

The package, which is for a three-year period and can be extended for an additional two years, is part of a tax-exempt bond refunding of a portfolio of twelve apartment complexes totaling 2,942 units in Florida, Georgia, South Carolina, Indiana and Iowa. The total value of the portfolio is in excess of $110 million.

MuniMae acquired subordinate tax-exempt bonds totaling $13 million with an interest rate of 9% for the deal. The company also entered into a "put option" agreement, meaning Merrill Lynch has the right to sell to MuniMae and MuniMae has the obligation to buy $15 million of taxable notes.

In addition to the interest on the tax-exempt bond, MuniMae received a 1% financing fee and will receive annual fees for the put option.

MuniMae has 88 multi-family housing communities in 20 states and the District of Columbia, with an average occupancy of 94%. The properties represent approximately $750 million in real estate value.


“The Weekly”

“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

  • Industry moves and changes in “The Insider“

Additional Info

  • Syndicate to Realpoint: No
  • Cities: Baltimore
  • States: Maryland
  • Sector: Multifamily
  • Subject: Mortgages/Financing (MOR)
  • Company: Mervyn's
  • Valuation: Between $25 million and $50 million
Read 473 times

Data Digest







Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44




cppichart FP



CMBS 2.0 Spreads


Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41





  • Challenging Retail Environment Weights on REITs
    Mixed economic news is weighing on retail markets, pushing REIT performance down in 2015. This week, the National Retail Federation announced that back-to-school spending is expected to be down 9.3% in 2015. This news came on the heels of a report from the Commerce Department stating that retail sales declined 0.3%...
  • US REITs Feeling Effects from Turmoil in Greece and China
    International economic forces have taken center stage this week, affecting both US stock markets and REITs. The crash in the Chinese stock market and ongoing concerns about the future of Greece in the eurozone drove markets down during the first half of the week. REITs fared better than the overall market...

  • What Does Increased Construction Mean for Apartment REITs?
    REITs so far this year have raised $17.1 billion of capital through the sale of unsecured notes, bringing the total raised over the past two and a half years to just more than $75 billion. That’s more than they raised during the previous five years. The massive volume shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark...
shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark against which most REIT’s price their bonds