JEN Partners and Real Estate Capital Partners Announce Acquisition of MMA Financial's Tax Credit Equity Business

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Mama GP Hmv Asd	LSE:MMAB	London	Ordinary Share	GB00B5M5PW49	ORD 5P (ASSD HMV CASH)

Industry Sector	Turnover	Profit	EPS - Basic	PE Ratio	Market Cap
	0	0		N/A	0

Mama GP Hmv Asd (LSE:MMAB)
Historical Stock Chart

From May 2019 to May 2024

Click Here for more Mama GP Hmv Asd Charts.

NEW YORK, July 31 /PRNewswire/ -- JEN Partners, LLC a New York-based private equity real estate firm, today announced the completion of the first closing in the acquisition of substantially all of the Tax Credit Equity business of MMA Financial, an operating subsidiary of Municipal Mortgage & Equity, LLC (MuniMae, OTC: MMAB). The company has been renamed Boston Financial Investment Management, LP (Boston Financial) and industry veteran Kenneth J. Cutillo has been appointed Chief Executive Officer of the company. The transaction, valued at approximately $31 million, is financed by equity contributed by JEN Partners, LLC and Real Estate Capital Partners, LP, a New York-based real estate investment firm with a strong focus on multifamily properties. The sale has been structured to occur in two separate closings. The first closing, with a cash payment of $14 million, occurred yesterday and included general partnership interests in twenty nine tax credit equity funds, limited partnership interests in several funds and the operating assets of the business, inclusive of substantially all of the employees. The second closing will occur within sixty days and will include the remaining funds of the business. About Boston Financial Investment Management Boston Financial Investment Management, based in Boston, Massachusetts, is a national leader in equity financing for multifamily apartment properties. The company aggregates, syndicates and manages portfolios of Federal and State Low Income Housing Tax Credits. Boston Financial has $8.3 billion of equity under management and manages approximately 1,800 multifamily apartment properties containing about 180,000 units in 48 states, the District of Columbia and Puerto Rico. It is the nation's largest apartment owner according to the National Multi Housing Council's 2009 Ranking. For more information, please visit http://www.bfim.com/ About JEN Partners JEN Partners is a leading private equity real estate firm based in New York. Established in 2005 by Reuben S. Leibowitz, JEN Partners invests in real estate operating companies with the long term goal of building durable businesses in partnership with strong management teams. JEN Partners' executives have more than 50 years of real estate investing experience and are responsible for establishing and growing companies such as MJ Brock (later acquired by Ryland), Pacific Greystone (acquired by Lennar), Chelsea Property (acquired by Simon Property), Meridian Industrial Trust (acquired by ProLogis) and Grubb & Ellis. For more information, please visit http://www.jenpartners.com/. About Real Estate Capital Partners Real Estate Capital Partners (RECP) is a U.S. real estate investment advisor founded in 1989 offering high net worth individuals, closed-end funds and institutional clients opportunities to invest in targeted funds and separate accounts. The firm has invested over $8 billion into the U.S. real estate markets in existing and to-be-built apartment, office, industrial, retail and mixed-use properties. Since inception, RECP has invested in more than 150 multifamily projects (over 40,000 units) located in 22 states. The firm has invested with developers nationwide in a joint venture structure and acquired assets directly. In addition, RECP provides both asset and property management services to third parties. RECP has offices in New York City; Herndon, Virginia; Dallas, Texas; and San Francisco, California. For more information, please visit http://www.recp.com/. DATASOURCE: JEN Partners, LLC CONTACT: Julie Johnson Staples, , or Jennifer Powers, , +1-212-858-7600 Web Site: http://www.jenpartners.com/

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

MMAB Mama GP Hmv Asd