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

Real Estate Capital Partners and JEN Partners, LLC, a New York-based private equity real estate firm, 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. The sale has been structured to occur in two separate closings. The first closing 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 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 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 www.jenpartners.com.