MuniMae to Purchase Glaser Financial Group

MuniMae (NYSE:MMA) announced today that it has entered
into a definitive agreement to acquire Glaser Financial Group, Inc.
("Glaser"), a full service commercial mortgage banker based in St.
Paul, Minnesota. Assuming certain performance metrics are achieved,
the acquisition price will be approximately $67 million payable in a
combination of cash and stock. The transaction is expected to close
early in the third quarter.
   Glaser arranges financing predominately in the upper Midwest for
multifamily, senior housing and commercial real estate through Fannie
Mae DUS(TM), Freddie Mac, HUD/FHA, conventional and conduit funding
sources. Currently, senior housing represents approximately forty
percent (40%) of total originations. Glaser's current $3.5 billion
servicing portfolio is comprised of approximately 64,000 units and
includes both insured and uninsured taxable and tax-exempt bond
issues.
   MuniMae CEO and President, Michael Falcone stated, "This
acquisition brings significant scale to our origination platform in
the upper Midwest as well as our Fannie Mae and Freddie Mac servicing
portfolios, and further strengthens our product offerings related to
senior housing." Mr. Falcone added, "We continue to build upon our
"one-stop-shop" approach to real estate finance, offering both our
developer customers and capital partners a wide array of products with
competitive pricing and efficient executions."
   Following the closing of the transaction, Glaser will operate as
part of MMA Financial, one of the operating subsidiaries of MuniMae.
Essentially the entire team of Glaser (including the regional office
network) will remain intact, and will continue under the leadership of
David Williams, Glaser's current Chief Executive Officer. Mr. Williams
will report directly to Gary Mentesana, Executive Vice President and
Head of the Debt Group for MuniMae.
   Gary Mentesana stated, "MuniMae has established itself as a market
leader in real estate finance, and this acquisition further solidifies
that position." He added, "Glaser's Midwest focus is an excellent
compliment to our geographically diverse national servicing portfolio,
and after the acquisition, assets under management for the entire
company will be in excess of $15 billion."
   The completion of MuniMae's acquisition of Glaser is subject to
certain conditions, including the consent of various third parties.
Assuming the transaction closes as expected, MuniMae expects to
discuss the acquisition in more detail at its next quarterly
conference call, which will take place in September.

   About MuniMae

   MuniMae and its subsidiaries provide debt and equity financing to
developers of multifamily housing and other real estate investments.
As of March 31, 2005, assets under management totaled $11.9 billion
secured by 2,376 properties containing 249,276 units in 49 states, the
District of Columbia, Puerto Rico and the U.S. Virgin Islands.
   MuniMae is organized as a limited liability company, which allows
it to combine the limited liability, governance and management
characteristics of a corporation with the pass-through income features
of a partnership. As a result, the tax-exempt income derived from
certain investments remains tax-exempt when passed through to
shareholders. Distributions to shareholders are normally declared
quarterly and paid in February, May, August and November.
   This press release contains statements that are forward looking in
nature and reflect management's current views with respect to future
events and financial performance. These statements are subject to many
uncertainties and risks and should not be considered guarantees of
future performance. This press release does not constitute an offer to
sell any securities of Municipal Mortgage & Equity, LLC or any other
entity.

   MUNIMAE: INTEGRITY. INNOVATION. SERVICE.

   www.MuniMae.com