JEN Partners Acquires the LIHTC Business of MMA
Jen Partners, a New York-based private equity real estate firm has entered into an agreement to acquire all of the tax credit equity business of MMA Financial, a subsidiary of Municipal Mortgage & Equity, LLC.
MMA, based in Boston, is an equity financing firm for multifamily apartment properties. The company aggregates, syndicates, and manages portfolios of federal and state low-income tax housing credits (LIHTC). MMA 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, including Washington, D.C. and Puerto Rico. It is the nation’s largest apartment owner, according to the National Multi Housing Council’s 2009 ranking.
Upon the completion of the acquisition, valued at approximately $31 million, MMA Financial will become a private company, wholly owned by JEN Partners and RECP and will be renamed Boston Financial Investment Management (BFIM). Its headquarters will remain in Boston. The transaction is expected to close in the second half of 2009.