JEN Partners, a New York-based private equity real estate firm, has completed 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. The company has been renamed Boston Financial Investment Management, and Kenneth Cutillo has been appointed as CEO of the company.
Reportedly, the transaction valued at approximately $31 million, is financed by equity contributed by JEN Partners and Real Estate Capital Partners, a New York-based real estate investment firm with a focus on multifamily properties.
It has added that the sale has been structured to occur in two separate closings. The first closing, with a cash payment of $14 million, including general partnership interests in 29 tax credit equity funds, limited partnership interests in several funds and the operating assets of the business. The second closing is expected to occur within 60 days and that includes the remaining funds of the business.
