Municipal Mortgage & Equity will acquire Lend Lease Real Estate...

Municipal Mortgage & Equity will acquire Lend Lease Real Estate Investments’ Housing and Community Investing unit for $102 million. The new organization, to be known as MMA Financial, will combine HCI, a syndicator of low-income tax credit equity investments, with MuniMae subsidiary MuniMae Midland, a provider of debt and equity financing for affordable housing. When the transaction closes in the third quarter, MMA will have $7.4 billion in real estate investments under management, representing 220,000 apartment units. The management team of HCI is expected to join MMA Financial.