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Wednesday, 13 October 1999

MuniMae Provides $28 Mln For Merrill Portfolio

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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.


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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
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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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

 

RCA CPPI

 

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CMBS 2.0 Spreads

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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

 

 

 

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